EX-101.INS
3
sef-20130201.xml
INSTANCE DOCUMENT
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EQUITY FUND0000088525falsesef2013-02-012013-02-012013-02-01<p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><b>INVESTMENT OBJECTIVE</b></p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>INVESTMENT
OBJECTIVE</b></font></p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>INVESTMENT
OBJECTIVE</b></font></p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>INVESTMENT
OBJECTIVE</b></font></p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>INVESTMENT
OBJECTIVE</b></font></p><p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font-size: 8pt"><b>INVESTMENT OBJECTIVE</b></font></p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>INVESTMENT
OBJECTIVE</b></font></p><p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font-size: 8pt"><b>INVESTMENT OBJECTIVE</b></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><b>INVESTMENT OBJECTIVE</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>INVESTMENT
OBJECTIVE</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>INVESTMENT OBJECTIVE</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>INVESTMENT
OBJECTIVE</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6.1pt 0 0; text-align: justify; background-color: white"><b>INVESTMENT
OBJECTIVE</b></p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #333333">The Alpha Opportunity Fund seeks long-term
growth of capital.</p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #333333">The MSCI EAFE Equal Weight Fund (the &#147;Fund&#148;)
seeks performance that corresponds, before fees and expenses, to the price and yield performance of the MSCI EAFE Equal Weighted
Index (the &#147;Underlying Index&#148;).</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">The Small Cap
Growth Fund seeks long-term growth of capital.</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">The Large Cap
Concentrated Growth Fund seeks long-term growth of capital.</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">The Small Cap
Value Fund seeks long-term capital appreciation.</p><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; color: #333333"><font style="font-size: 8pt">The
Mid Cap Value Institutional Fund seeks long-term growth of capital.</font></p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">The Mid Cap Value
Fund seeks long-term growth of capital.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white">The
Large Cap Core Fund seeks long-term growth of capital.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.05pt 0 0; background-color: white; color: #333333">The Large
Cap Core Institutional Fund seeks long-term growth of capital.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; background-color: white; color: #333333">The
Small Cap Growth Institutional Fund seeks long-term growth of capital.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">The Small Cap
Value Institutional Fund seeks long-term capital appreciation.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; background-color: white; color: #333333">The
Large Cap Concentrated Growth Institutional Fund seeks long-term growth of capital.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.05pt 0 0; text-align: justify; background-color: white; color: #333333">The
MSCI EAFE Equal Weight Institutional Fund (the &#147;Fund&#148;) seeks performance that corresponds, before fees and expenses,
to the price and yield performance of the MSCI EAFE Equal Weighted Index (the &#147;Underlying Index&#148;).</p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">This table describes
the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you
and your family invest, or agree to invest in the future, at least $100,000 in the Family of Funds, as defined on page&#160;16
of the Fund&#146;s prospectus. More information about these and other discounts is available from your financial professional
and in the &#147;Buying Shares&#160;&#150; Class&#160;A Shares&#148; section on page&#160;19 of the Fund&#146;s prospectus
and the &#147;How to Purchase Shares&#148; section on page&#160;36 of the Fund&#146;s statement of additional information.</p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">This table describes
the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you
and your family invest, or agree to invest in the future, at least $100,000 in the Family of Funds, as defined on page&#160;35
of the Fund&#146;s prospectus. More information about these and other discounts is available from your financial professional
and in the &#147;Buying Shares &#150; Class&#160;A Shares&#148; section on page&#160;14 of the Fund&#146;s prospectus and the
&#147;How to Purchase Shares&#148; section on page&#160;34 of the Fund&#146;s Statement of Additional Information.</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">This table describes
the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you
and your family invest, or agree to invest in the future, at least $100,000 in the Family of Funds, as defined on page&#160;39
of the Fund&#146;s prospectus. More information about these and other discounts is available from your financial professional
and in the &#147;Buying Shares &#150; Class&#160;A Shares&#148; section on page 37 of the Fund&#146;s prospectus and the &#147;How
to Purchase Shares&#148; section on page&#160;36 of the Fund&#146;s statement of additional information.</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">This table describes
the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you
and your family invest, or agree to invest in the future, at least $100,000 in the Family of Funds, as defined on page&#160;39
of the Fund&#146;s prospectus. More information about these and other discounts is available from your financial professional
and in the &#147;Buying Shares &#150; Class&#160;A Shares&#148; section on page&#160;37 of the Fund&#146;s prospectus and the
&#147;How to Purchase Shares&#148; section on page&#160;36 of the Fund&#146;s statement of additional information.</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">This table describes
the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you
and your family invest, or agree to invest in the future, at least $100,000 in the Family of Funds, as defined on page&#160;39
of the Fund&#146;s prospectus. More information about these and other discounts is available from your financial professional
and in the &#147;Buying Shares &#150; Class&#160;A Shares&#148; section on page&#160;37 of the Fund&#146;s prospectus and the
&#147;How to Purchase Shares&#148; section on page&#160;36 of the Fund&#146;s statement of additional information.</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">This table describes
the fees and expenses that you may pay if you buy and hold shares of the Fund.</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">This table describes
the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you
and your family invest, or agree to invest in the future, at least $100,000 in the Family of Funds, as defined on page&#160;39
of the Fund&#146;s prospectus. More information about these and other discounts is available from your financial professional
and in the &#147;Buying Shares &#150; Class&#160;A Shares&#148; section on page&#160;37 of the Fund&#146;s prospectus and the
&#147;How to Purchase Shares&#148; section on page&#160;36 of the Fund&#146;s statement of additional information.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge
discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Family of Funds, as defined
on page&#160;39 of the Fund&#146;s prospectus. More information about these and other discounts is available from your financial
professional and in the &#147;Buying Shares &#150; Class&#160;A Shares&#148; section on page&#160;37 of the Fund&#146;s prospectus
and the &#147;How to Purchase Shares&#148; section on page&#160;36 of the Fund&#146;s statement of additional information.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; background-color: white; color: #333333">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; background-color: white; color: #333333">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">This table describes
the fees and expenses that you may pay if you buy and hold shares of the Fund.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; background-color: white; color: #333333">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.05pt 0 0; text-align: justify; background-color: white; color: #333333">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p><p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font-size: 8pt"><b>FEES
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<i>(fees paid directly from your investment)</i></font></font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">SHAREHOLDER FEES<font style="color: #333333; line-height: 115%">&#160;<i>(fees
paid directly from your investment)</i></font></font></p><p style="margin: 0">SHAREHOLDER FEES<font style="font: 8pt/115% Times New Roman, Times, Serif; color: #333333">&#160;<i>(fees
paid directly from your investment)</i></font></p><p style="margin: 0">SHAREHOLDER FEES<font style="font: 8pt/115% Times New Roman, Times, Serif; color: #333333">&#160;<i>(fees
paid directly from your investment)</i></font></p><p style="margin: 0">SHAREHOLDER FEES<font style="font: 8pt/115% Times New Roman, Times, Serif; color: #333333">&#160;<i>(fees
paid directly from your investment)</i></font></p><p style="margin: 0">SHAREHOLDER FEES<font style="font: 8pt/115% Times New Roman, Times, Serif; color: #333333">&#160;<i>(fees
paid directly from your investment)</i></font></p><p style="margin: 0">SHAREHOLDER FEES&#160;<font style="font: 8pt/115% Times New Roman, Times, Serif; color: #333333"><i>(fees
paid directly from your investment)</i></font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">ANNUAL FUND OPERATING EXPENSES<font style="color: #333333; line-height: 115%">&#160;<i>(expenses
that you pay each year as a percentage of the value of your investment)</i></font></font></p><p style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify; text-indent: -12pt; margin-right: 0; margin-left: 12pt; color: #333333"><b>ANNUAL
FUND OPERATING EXPENSES</b> <i>(expenses that you pay each year as a percentage of the value of your investment)</i></p><p style="margin: 0"><font style="font-size: 8pt">ANNUAL FUND OPERATING EXPENSES<font style="font-family: Arial, Helvetica, Sans-Serif; color: #333333; line-height: 115%">
<i>(expenses that you pay each year as a percentage of the value of your investment)</i></font></font></p><p style="margin: 0"><font style="font-size: 8pt">ANNUAL FUND OPERATING EXPENSES<font style="font-family: Arial, Helvetica, Sans-Serif; color: #333333; line-height: 115%">
<i>(expenses that you pay each year as a percentage of the value of your investment)</i></font></font></p><p style="margin: 0"><font style="font-size: 8pt">ANNUAL FUND OPERATING EXPENSES<font style="font-family: Arial, Helvetica, Sans-Serif; color: #333333; line-height: 115%">
<i>(expenses that you pay each year as a percentage of the value of your investment)</i></font></font></p><p style="font: 7.5pt Arial, Helvetica, Sans-Serif; text-indent: -12pt; margin-right: 0; margin-left: 12pt; color: #333333"><font style="font-size: 8pt"><b>ANNUAL
FUND OPERATING EXPENSES </b><i>(expenses that you pay each year as a percentage of the value of your investment)</i></font></p><p style="margin: 0; text-align: justify"><font style="font-size: 8pt">ANNUAL FUND OPERATING EXPENSES<font style="font-family: Arial, Helvetica, Sans-Serif; color: #333333; line-height: 115%">
<i>(expenses that you pay each year as a percentage of the value of your investment)</i></font></font></p><p style="font: 7.5pt Arial, Helvetica, Sans-Serif; text-indent: -12pt; margin-right: 0; margin-left: 12pt; color: #333333"><font style="font-size: 8pt"><b>ANNUAL
FUND OPERATING EXPENSES </b><i>(expenses that you pay each year as a percentage of the value of your investment)</i></font></p><p style="margin: 0">ANNUAL FUND OPERATING EXPENSES<font style="font: 8pt/115% Times New Roman, Times, Serif; color: #333333">&#160;<i>(expenses
that you pay each year as a percentage of the value of your investment)</i></font></p><p style="margin: 0">ANNUAL FUND OPERATING EXPENSES<font style="font: 8pt/115% Times New Roman, Times, Serif; color: #333333">&#160;<i>(expenses
that you pay each year as a percentage of the value of your investment)</i></font></p><p style="margin: 0">ANNUAL FUND OPERATING EXPENSES<font style="font: 8pt/115% Times New Roman, Times, Serif; color: #333333">&#160;<i>(expenses
that you pay each year as a percentage of the value of your investment)</i></font></p><p style="margin: 0">ANNUAL FUND OPERATING EXPENSES<font style="font: 8pt/115% Times New Roman, Times, Serif; color: #333333">&#160;<i>(expenses
that you pay each year as a percentage of the value of your investment)</i></font></p><p style="margin: 0">ANNUAL FUND OPERATING EXPENSES*<font style="font: 8pt/115% Times New Roman, Times, Serif; color: #333333">&#160;<i>(expenses
that you pay each year as a percentage of the value of your investment)</i></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><b>Example</b></p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><b>EXAMPLE</b></p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><b>EXAMPLE</b></p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><b>EXAMPLE</b></p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><b>EXAMPLE</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><b>Example</b></p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><b>EXAMPLE</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><b>Example</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 7.8pt 0 0; text-align: justify; background-color: white"><b>EXAMPLE</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 7.8pt 0 0; text-align: justify; background-color: white"><b>EXAMPLE</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 7.8pt 0 0; text-align: justify"><b>EXAMPLE</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 7.8pt 0 0; text-align: justify; background-color: white"><b>EXAMPLE</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 8.15pt 0 0; text-align: justify; background-color: white"><b>EXAMPLE</b></p><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">This Example is intended
to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">The Example assumes that
you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The
Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses remain the same.
Although the actual costs may be higher or lower, based on these assumptions your cost would be:</p><p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333"><font style="font-size: 8pt">This
Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The
Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end
of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses
remain the same. Although the actual costs may be higher or lower, based on these assumptions your costs would be:</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">This Example
is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">&#160;</p>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; color: #333333; text-align: justify">The Example assumes that you invest $10,000
in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes
that your investment has a 5% return each year and that the Fund&#146;s operating expenses remain the same. Although the actual
costs may be higher or lower, based on these assumptions your costs would be:</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">This Example
is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">The Example assumes
that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.
The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses remain the
same. Although the actual costs may be higher or lower, based on these assumptions your costs would be:</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">This Example
is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">The Example assumes
that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.
The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses remain the
same. Although the actual costs may be higher or lower, based on these assumptions your costs would be:</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">This Example
is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">The Example assumes
that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.
The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses remain the
same. Although the actual costs may be higher or lower, based on these assumptions your costs would be:</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">This Example
is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">The Example assumes
that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.
The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses remain the
same. Although the actual costs may be higher or lower, based on these assumptions your costs would be:</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">This
Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end
of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses
remain the same. Although the actual costs may be higher or lower, based on these assumptions your costs would be:</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; background-color: white; color: #333333">This
Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; background-color: white; color: #333333">The
Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end
of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses
remain the same. Although the actual costs may be higher or lower, based on these assumptions your costs would be:</p><p style="margin: 0pt"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; background-color: white; color: #333333">This
Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; background-color: white; color: #333333">&#160;</p>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The Example assumes that you invest
$10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example
also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses remain the same. Although
the actual costs may be higher or lower, based on these assumptions your costs would be:</p>
<p style="margin: 0pt"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; background-color: white; color: #333333"></p>
<p style="margin: 0pt"></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">This Example
is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">The Example assumes
that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.
The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses remain the
same. Although the actual costs may be higher or lower, based on these assumptions your costs would be:</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; background-color: white; color: #333333">This
Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; background-color: white; color: #333333">The
Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end
of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses
remain the same. Although the actual costs may be higher or lower, based on these assumptions your costs would be:</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.05pt 0 0; text-align: justify; background-color: white; color: #333333">This
Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333">The
Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end
of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses
remain the same. Although the actual costs may be higher or lower, based on these assumptions your costs would be:</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><b>Redeemed</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>Redeemed</b></font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Redeemed</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Redeemed</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Redeemed</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Redeemed</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><b>Redeemed</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><b>Not Redeemed</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>Not
Redeemed</b></font></p><p style="margin: 0; text-align: justify"><font style="font-size: 8pt">Not Redeemed</font></p><p style="margin: 0; text-align: justify"><font style="font-size: 8pt">Not Redeemed</font></p><p style="margin: 0; text-align: justify"><font style="font-size: 8pt">Not Redeemed</font></p><p style="margin: 0; text-align: justify"><font style="font-size: 8pt">Not Redeemed</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><b>Not Redeemed</b></p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><b>PORTFOLIO TURNOVER</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Portfolio
Turnover</b></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Portfolio
Turnover</b></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Portfolio
Turnover</b></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Portfolio
Turnover</b></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><b>Portfolio Turnover</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Portfolio
Turnover</b></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>PORTFOLIO
TURNOVER</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 7.8pt 0 0; text-align: justify; background-color: white"><b>PORTFOLIO
TURNOVER</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; background-color: white"><b>PORTFOLIO
TURNOVER</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 7.8pt 0 0; text-align: justify"><b>PORTFOLIO TURNOVER</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 7.8pt 0 0; text-align: justify; background-color: white"><b>PORTFOLIO
TURNOVER</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 8.15pt 0 0; text-align: justify; background-color: white"><b>PORTFOLIO
TURNOVER</b></p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">The Fund pays transaction
costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These
costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s performance. During
the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 707% of the average value of its portfolio.</p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">The Fund pays transaction
costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These
costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s performance. During
the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 41% of the average value of its portfolio.</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">The Fund pays
transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher
portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable
account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s performance.
During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 82% of the average value of its portfolio.</p><p style="margin: 0; text-align: justify"><font style="font: 8pt Arial, Helvetica, Sans-Serif">The Fund pays transaction costs,
such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These
costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s performance. During
the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 184% of the average value of its portfolio.</font></p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">The Fund pays
transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher
portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable
account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s performance.
During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 62% of the average value of its portfolio.</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">The Fund pays
transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher
portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable
account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s performance.
During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 33% of the average value of its portfolio.</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">The Fund pays
transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher
portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable
account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s performance.
During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 19% of the average value of its portfolio.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held
in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s
performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 101% of the average value of its
portfolio.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; background-color: white; color: #333333"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">The Fund pays transaction
costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio
turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.
These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s performance.
During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 101% of the average value of its portfolio.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held
in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s
performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 82% of the average value of its portfolio.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">The Fund pays
transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher
portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable
account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s performance.
During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 62% of the average value of its portfolio.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held
in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s
performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 184% of the average value of its
portfolio.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.05pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held
in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s
performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 41% of the average value of its portfolio.</p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><b>PRINCIPAL INVESTMENT STRATEGIES</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Principal
Investment Strategies</b></font></p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><font style="font-size: 8pt"><b>PRINCIPAL
INVESTMENT STRATEGIES </b></font></p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><font style="font-size: 8pt"><b>PRINCIPAL
INVESTMENT STRATEGIES </b></font></p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><font style="font-size: 8pt"><b>PRINCIPAL
INVESTMENT STRATEGIES </b></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><b>Principal Investment Strategies</b></p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><font style="font-size: 8pt"><b>PRINCIPAL
INVESTMENT STRATEGIES </b></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>PRINCIPAL
INVESTMENT STRATEGIES</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>PRINCIPAL
INVESTMENT STRATEGIES</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 7.8pt 0 0; text-align: justify; background-color: white"><b>PRINCIPAL
INVESTMENT STRATEGIES</b></p><p style="margin: 0">PRINCIPAL INVESTMENT STRATEGIES</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 7.8pt 0 0; text-align: justify; background-color: white"><b>PRINCIPAL
INVESTMENT STRATEGIES</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 8.15pt 0 0; text-align: justify; background-color: white"><b>PRINCIPAL
INVESTMENT STRATEGIES</b></p><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt">The
Fund pursues its objective by investing, under normal market conditions, approximately (1)&#160;37.5% of its total assets according
to a long/short strategy with an emphasis on securities of domestic issuers managed by Mainstream Investment Advisers, LLC (&#147;Mainstream&#148;
and the &#147;Domestic Long/Short Sub-Portfolio&#148;), the Fund&#146;s sub-adviser, (2)&#160;37.5% of its total assets, managed
directly by Security Investors, LLC, also known as Guggenheim Investments (the &#147;Investment Manager&#148;), according to
a long/short strategy with an emphasis on securities of non-U.S. issuers (the &#147;Global Long/Short Sub-Portfolio&#148;),
and (3)&#160;25% of its total assets, also managed directly by the Investment Manager, in a portfolio of equity securities, equity
derivatives and fixed income securities (the &#147;Indexed Sub-Portfolio&#148;) that is intended to closely track the performance
of the S&#38;P 500 Composite Stock Price Index (the &#147;S&#38;P 500 Index&#148;), which consists of common stocks representing
approximately two-thirds of the total market value of all U.S. common stocks. Each of Mainstream and the Investment Manager manages
its allocation of the Fund&#146;s assets according to its respective strategy, and its trading decisions are made independently.</font></p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt">&#147;Alpha&#148;
in the Fund&#146;s name refers to the potential for the Fund&#146;s portfolio to achieve returns that are favorable relative
to the amount of risk taken. Of course, there is no guarantee that the Fund will achieve its objective of long-term growth of
capital, and an investment in the Fund involves significant risk.</font></p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt">All
daily cash inflows and outflows will be allocated to the Indexed Sub-Portfolio of the Fund. Approximately once a month, the Investment
Manager will review the allocations in each of the sub-portfolios. When the Indexed Sub-Portfolio is greater than 25% or less
than 15% of the Fund&#146;s total assets, the Investment Manager usually will rebalance the Fund&#146;s portfolio by reallocating
the assets among the sub-portfolios so that the Fund returns to the target allocation. The Investment Manager will also usually
rebalance the Domestic and Global Long/Short Sub-Portfolios of the Fund when the difference between those sub-portfolios is more
than 10% of the Fund&#146;s total assets so that the percentage of the Fund&#146;s total assets in each of the Domestic and
Global Long/Short Sub-Portfolios returns to approximately 37.5%.</font></p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt">The
Fund may invest up to 50% of its net assets in foreign securities, in addition to American Depositary Receipts (ADRs). ADRs are
dollar-denominated receipts issued generally by U.S. banks, which represent the deposit with the bank of a foreign company&#146;s
securities. ADRs are publicly traded on exchanges or over-the-counter in the United States. Each of the Fund&#146;s sub-portfolios
can invest in foreign securities although the Global Long/Short Sub-Portfolio will invest a larger portion of its assets in foreign
securities so that the assets in the Global Long/Short Sub-Portfolio generally will be diversified among investments in a number
of different countries throughout the world. The Fund may invest in issuers of any size, including small-capitalization issuers.</font></p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt">Certain
investment vehicles&#146; securities in which the Fund may invest may be illiquid.</font></p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt">The
Fund actively trades its investments without regard to the length of time they have been owned by the Fund, which results in higher
portfolio turnover.</font></p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt">Under
adverse or unstable market conditions, the Fund (or each of its sub-portfolios) could invest some or all of its assets in cash,
fixed-income securities, government bonds, money market securities, or repurchase agreements. Although the Fund would do this
only in seeking to avoid losses, the Fund may be unable to pursue its investment objective during that time, and it could reduce
the benefit from any upswing in the market.</font></p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt"><b>Strategies
of the Domestic Long/Short Sub-Portfolio</b>&#160;&#150;&#160;The Fund pursues its domestic long/short strategy by investing
primarily in publicly-traded equity securities, principally common stocks, but to a lesser degree in (&#147;ETFs) and other securities
with equity characteristics. If there are an insufficient number of available securities meeting the purchase criteria of Mainstream,
the Fund may also hold a portion of its assets in cash and money market instruments, and such holdings may be substantial. Dividend
and interest income will be an incidental consideration. The Fund may engage in short sales of securities believed to be overvalued.</font></p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">&#160;</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #333333"><font style="font-size: 8pt">Mainstream
seeks to identify individual stocks with solid underlying financial fundamentals, trading at levels representing value relative
to the market generally. Mainstream uses technical and fundamental methods of analysis to choose stocks for the Fund&#146;s portfolio.
The technical analyses used include a relative strength index (&#147;RSI&#148;), price moving averages and price relative to
historical market averages.</font></p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt">Mainstream
also uses bottom-up analysis by evaluating approximately 2,000 actively traded stocks in the marketplace. The bottom-up analysis
reviews stock prices in relationship to their stock price moving averages and ranks them by their RSIs. A purchase candidate is
identified as a stock that is at fair value or undervalued to the marketplace. A sale candidate is identified as a stock that
is expensive or overbought. These action candidates are then grouped by industry. Mainstream prefers that the candidates are concentrated
in a particular industry. Mainstream also considers the industry and underlying financial fundamentals of the action candidates.
Where the fundamentals are positive relative to their valuations, the stocks may be purchased. Stocks with high RSIs may be sold.
Stocks with high RSIs and deteriorating fundamentals may be sold short.</font></p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt">A
top-down evaluation of the stock and bond markets, primarily based on their RSIs, is also used. A high RSI may indicate that the
marketplace is expensive or overbought; conversely, a low RSI may indicate that the marketplace is inexpensive or oversold. Mainstream
uses the RSI in combination with an analysis of the short-term outlook for corporate earnings, interest rates, currencies and
commodities to determine the overall stock to cash and long stock to short stock allocations.</font></p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt">Mainstream
actively manages its portion of the Fund&#146;s portfolio and will buy and sell securities frequently.</font></p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt"><b>Strategies
of the Global Long/Short Sub-Portfolio</b>&#160;&#150;&#160;The Fund pursues a global long/short strategy by holding long (purchasing)
foreign and domestic common stocks or convertible stocks of companies which the Investment Manager believes will outperform the
market and by selling short those securities believed to be overvalued or expected to underperform the market.</font></p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt">The
Investment Manager may also invest a portion of the Fund&#146;s assets in options, futures contracts and foreign currencies,
which may be used to hedge its portion of the Fund&#146;s portfolio, to increase returns or to maintain exposure to the equity
markets. The Investment Manager may engage in short sales of securities believed to be overvalued or expected to underperform
the market. The Investment Manager may also invest in emerging market countries. With respect to investments in foreign securities,
there is no limit in the amount that the Global Long/Short Sub-Portfolio may invest in securities issued by companies from emerging
markets.</font></p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt">The
Investment Manager uses both quantitative and qualitative techniques to identify long and short investment opportunities. The
Investment Manager&#146;s universe of securities begins with the approximately 5,000 of the largest publicly traded companies
globally. Through quantitative screening and fundamental analysis, the Investment Manager narrows the universe of securities to
a list of long and short investment opportunities. The Investment Manager then builds a portfolio of securities designed to maximize
the absolute returns of the sub-portfolio from the Investment Manager&#146;s selection methodology while working to maintain
prudent risk controls.</font></p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt">The
Investment Manager will consider buying a security that is not currently held in the Global Long/Short Sub-Portfolio when the
security candidate has passed through the research process and the Investment Manager believes that there is a potential for upside
price movement over the following year with a return to risk ratio that meets its criteria. In the case of a security already
held in the Global Long/Short Sub-Portfolio, the Investment Manager will consider adding to the position in the event the security
has been unusually weak in the market based on the Investment Manager&#146;s analysis and the Investment Manager continues to
believe that the one year price objective is valid. The Investment Manager will consider selling a security if it believes that
the price objective is no longer valid. The Investment Manager may also reduce a position in the Global Long/Short Sub-Portfolio
with respect to a security if the position approaches its price objective and the risk/return is deteriorating.</font></p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt"><b>Strategies
of the Indexed Sub-Portfolio</b>&#160;&#150;&#160;With respect to the Indexed Sub-Portfolio, the Investment Manager seeks investment
returns that are similar to those of the S&#38;P 500 Index by primarily investing in equity derivatives, such as futures contracts,
options on futures contracts, and equity options. An equity derivative is a financial instrument whose value depends on, or is
&#147;derived&#148; from, the value of an underlying asset or index, such as the S&#38;P 500 Index. Using S&#38;P 500 equity
derivatives, the Investment Manager can obtain investment exposure to the S&#38;P 500 Index equal to the net asset value of the
Fund that it manages with a fraction of the assets that would be needed to purchase an equivalent amount of equity securities
directly. Obtaining magnified investment exposure on a small investment is referred to as &#147;leverage,&#148; and it can increase
the volatility of the Fund&#146;s performance. However, because the Fund ultimately is responsible for the entire amount of the
investment exposure under an equity derivative, the Investment Manager will manage the remainder of its portion of the Fund so
that any leverage achieved through equity derivatives is reduced by other investments. While there are a number of ways of offsetting
the leverage achieved through equity derivatives, the Investment Manager generally will do so by investing in fixed income securities
in an amount sufficient to meet the Fund&#146;s obligations under the equity derivatives.</font></p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">&#160;</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #333333"><font style="font-size: 8pt">The
Investment Manager actively manages the fixed income securities with a view toward enhancing the Fund&#146;s total return and
recouping some of the transaction and financing costs associated with investing in equity derivatives, which are reflected in
the operating costs of the Fund. The Fund&#146;s overall portfolio duration for its investments in fixed income securities is
normally not expected to exceed one year. The fixed income securities in which the Fund may invest include securities issued or
guaranteed by the U.S. government, its agencies or instrumentalities; corporate debt securities of U.S. issuers, including mortgage
backed and other asset-backed securities; and bank certificates of deposit, fixed time deposits and bankers&#146; acceptances.</font></p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt">Although
the Investment Manager does not normally invest the Indexed Sub-Portfolio this portion of the Fund&#146;s portfolio directly
in S&#38;P 500 securities, when equity derivatives appear to be overvalued relative to the S&#38;P 500 Index, the Fund may invest
in a &#147;basket&#148; of S&#38;P 500 stocks. The S&#38;P&#160;500 Index is a well known stock market index composed of 500
selected common stocks that represent approximately two-thirds of the total market value of all U.S. common stocks. Individual
stocks are selected based on an analysis of the historical correlation between the return of every S&#38;P 500 stock and the return
of the S&#38;P 500 Index itself. The Investment Manager may employ fundamental analysis of factors such as earnings and earnings
growth, price to earnings ratio, dividend growth, and cash flows to choose among stocks that satisfy the correlation tests.</font></p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><font style="font-size: 8pt">Stocks
chosen for the Fund are not limited to those with any particular weighting in the S&#38;P 500 Index. The Fund may also invest
in ETFs based on the S&#38;P 500 Index, such as Standard&#160;&#38; Poor&#146;s Depositary Receipts.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>
<p style="font: 9pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font-size: 8pt">&#160;</font></p><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">The Fund uses a passive
management strategy, known as &#147;representative sampling,&#148; to track the performance of the Underlying Index. &#147;Representative
sampling&#148; refers to an indexing strategy that generally involves investing in a representative sample of securities or financial
instruments, primarily consisting of American Depositary Receipts (&#147;ADRs&#148;) and Global Depositary Receipts (&#147;GDRs&#148;),
that have an investment profile similar to the Underlying Index and some, but not all, of the component securities of the Underlying
Index. This technique involves the use of risk management and quantitative stock picking strategies. Under normal circumstances,
the Fund will invest at least 80% of its assets (net assets, plus the amount of any borrowing for investment purposes) in the equity
securities included in the Underlying Index. The Fund may hold up to 20% of its assets in securities not included in or representative
of the Underlying Index. The Investment Manager expects that, over time, if the Fund has sufficient assets, the correlation between
the Fund&#146;s performance, before fees and expenses, and that of the Underlying Index will be 95% or better. A figure of 100%
would indicate perfect correlation. However, fees and expenses incurred by the Fund as well as the size and frequency of cash flows
into and out of the Fund as well as other factors will cause differences in performance, usually making it harder for the Fund
to correlate to the Underlying Index. The Fund may invest in a variety of investment vehicles, such as exchange traded funds (&#147;ETFs&#148;)
and other mutual funds. The Fund may use these investments as a way of managing its cash position to gain exposure to the equity
markets or a particular sector of the equity market, while maintaining liquidity. The Fund may also invest in futures contracts
in order to maintain exposure to the securities and currency markets at times when it is not able to purchase the corresponding
securities and currencies or it believes that it is more appropriate to use futures.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">The MSCI EAFE Equal Weighted
Index is an unmanaged equal-weighted version of the MSCI EAFE Index, which means that each security included in the index has the
same weight on each rebalancing date and then fluctuates based on the performance of the security until weights are reset equally
on the next rebalancing date. The MSCI EAFE Equal Weighted Index is generally rebalanced quarterly. The Fund&#146;s investments
will be weighted and rebalanced in accordance with the MSCI EAFE Equal Weighted Index. The MSCI EAFE Index (Europe, Australasia,
Far East) is an index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.
As of December&#160;31, 2012, the MSCI EAFE Index consisted of separate sub-indices representing the following 22 developed market
countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the
Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom, with capitalizations
ranging from $1 to $209 billion. Both Indices are denominated in U.S.&#160;Dollars.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its assets (net assets, plus the
amount of any borrowing for investment purposes) in equity securities, which include common and preferred stocks, warrants and
securities convertible into common or preferred stocks, of companies that, when purchased, have market capitalizations that are
usually within the range of companies in the Russell 2500 Growth Index. The Fund&#146;s benchmark is the Russell 2000 Growth Index,
which measures the performance of securities of smaller U.S. companies with greater-than-average growth orientation. Although a
universal definition of small-capitalization companies does not exist, the Fund generally defines small capitalization companies
as those whose market capitalization is similar to the market capitalization of companies in the Russell 2500 Growth Index, which
is an unmanaged index that measures the performance of securities of small-to-mid cap U.S. companies with higher price-to-book
ratios and higher forecasted growth values. As of December&#160;31, 2012, the Russell 2500 Growth Index consisted of securities
of companies with capitalizations that ranged from $28 million to $5 billion.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">Security
Investors, LLC, also known as Guggenheim Investments (the &#147;Investment Manager&#148;), uses a combination of a qualitative
economic approach in reviewing growth trends that is based upon several fixed income factors, such as bond spreads and interest
rates, along with a quantitative fundamental bottom-up approach in selecting growth stocks. The Investment Manager chooses portfolio
securities that it believes are attractively valued with the greatest potential for long term growth of capital and may invest
in a limited number of industries or industry sectors. The Investment Manager identifies the securities of companies that it believes
are in the early to middle stages of growth and are valued at a reasonable price. Equity securities considered to have appreciation
potential may include securities of smaller and less mature companies which have unique proprietary products or profitable market
niches and the potential to grow very rapidly (including, without limitation, technology companies).</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund typically sells a stock if its growth prospects diminish, or if better opportunities become available.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund also may invest a portion of its assets in derivatives, including options and futures contracts. These instruments may be
used to hedge the Fund's portfolio, to increase returns or to maintain exposure to the equity markets. The Fund may also invest
in American Depositary Receipts (&#147;ADRs&#148;).</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund may actively trade its investments without regard to the length of time they have been owned by the Fund, which results in
higher portfolio turnover.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund may, from time to time, invest a portion of its assets in technology stocks.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund may invest in a variety of investment vehicles, including those that seek to track the composition and performance of a specific
index, such as exchange traded funds (&#147;ETFs&#148;) and other mutual funds. The Fund may use these index-based investments
as a way of managing its cash position, to gain exposure to the equity markets, or a particular sector of the equity market, while
maintaining liquidity. Certain investment company securities and other securities in which the Fund may invest are restricted securities,
which may be illiquid.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">Under
adverse or unstable market conditions, the Fund could invest some or all of its assets in cash, fixed-income securities, government
bonds, money market securities, or repurchase agreements. Although the Fund would do this only in seeking to avoid losses, the
Fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the
market.</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">The Fund pursues
its objective by investing, under normal market conditions, at least 80% of its assets (net assets, plus the amount of any borrowing
for investment purposes) in equity securities, which include common stocks, rights, options, warrants, convertible debt securities,
and American Depositary Receipts (&#147;ADRs&#148;), of companies that, when purchased, have market capitalizations that are
usually within the range of companies in the Russell 1000 Growth Index. The Fund focuses its investments in a core position of
20-30 common stocks of growth companies which have exhibited consistent above average earnings and/or revenue growth. The Fund
is non-diversified, which means that it may invest a larger portion of its assets in a limited number of companies than a diversified
fund. Security Investors, LLC, also known as Guggenheim Investments (the &#147;Investment Manager&#148;), selects what it believes
to be premier growth companies as the core position for the Fund using a combination of a qualitative top-down approach in reviewing
growth trends that is based upon several fixed income factors, such as bond spreads and interest rates, along with a quantitative
fundamental bottom-up approach. Portfolio holdings will be replaced when one or more of a company&#146;s fundamentals have changed,
and, in the opinion of the Investment Manager, it is no longer a premier growth company. Although a universal definition of large
market capitalization companies does not exist, for purposes of this fund, the Fund generally defines large market capitalization
companies as those whose market capitalization is similar to the market capitalization of companies in the Russell 1000 Growth
Index, which is an unmanaged index measuring the performance of the large cap growth segment of the U.S. equity universe and which
includes companies with higher price-to-book ratios and higher forecasted growth values.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">The Fund may invest
a portion of its assets in derivatives, including options and futures contracts. These instruments may be used to hedge the Fund&#146;s
portfolio, to maintain exposure to the equity markets or to increase returns. The Fund also may invest in ADRs.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">The Fund may actively
trade its investments without regard to the length of time they have been owned by the Fund, which results in higher portfolio
turnover.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">The Fund may,
from time to time, invest a portion of its assets in technology stocks.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">The Fund also
may invest in a variety of investment vehicles, including those that seek to track the composition and performance of a specific
index, such as exchange traded funds (&#147;ETFs&#148;) and other mutual funds. The Fund may use these index-based investments
as a way of managing its cash position, to gain exposure to the equity markets or a particular sector of the equity market, while
maintaining liquidity.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">The Fund typically
sells a stock if its growth prospects diminish or if better opportunities become available.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">Under adverse
or unstable market conditions, the Fund could invest some or all of its assets in cash, fixed-income securities, government bonds,
money market securities, or repurchase agreements. Although the Fund would do this only in seeking to avoid losses, the Fund may
be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market.</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">The Fund pursues
its objective by investing, under normal market conditions, at least 80% of its assets (net assets, plus the amount of any borrowing
for investment purposes) in a diversified portfolio of equity securities, which include common stocks, rights, options, warrants,
convertible debt securities, and American Depositary Receipts (&#147;ADRs&#148;), that, when purchased, have market capitalizations
that are usually within the range of companies in the Russell 2000 Value Index. Although a universal definition of small-capitalization
companies does not exist, the Fund generally defines small-capitalization companies as those whose market capitalization is similar
to the market capitalization of companies in the Russell 2000 Value Index, which is an unmanaged index measuring the performance
of the small cap value segment of the U.S. equity universe and which includes companies with lower price-to-book ratios and lower
forecasted growth values.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">Security Investors,
LLC, also known as Guggenheim Investments (the &#147;Investment Manager&#148;), typically chooses equity securities that appear
undervalued relative to assets, earnings, growth potential or cash flows and may invest in a limited number of industries or industry
sectors, including the technology sector.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">The Fund may sell
a security if it is no longer considered undervalued or when the company begins to show deteriorating fundamentals.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">The Fund also
may invest a portion of its assets in derivatives, including options and futures contracts. These instruments may be used to hedge
the Fund&#146;s portfolio, to maintain exposure to the equity markets or to increase returns.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">The Fund may,
from time to time, invest a portion of its assets in technology stocks.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">The Fund may invest
in a variety of investment vehicles, including those that seek to track the composition and performance of a specific index, such
as exchange traded funds (&#147;ETFs&#148;) and other mutual funds. The Fund may use these index-based investments as a way of
managing its cash position to gain exposure to the equity markets or a particular sector of the equity market, while maintaining
liquidity. Certain investment vehicles&#146; securities and other securities in which the Fund may invest are restricted securities,
which may be illiquid.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">The Fund actively
trades its investments without regard to the length of time they have been owned by the Fund, which results in higher portfolio
turnover.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">Under adverse
or unstable market conditions, the Fund could invest some or all of its assets in cash, fixed-income securities, government bonds,
money market securities, or repurchase agreements. Although the Fund would do this only in seeking to avoid losses, the Fund may
be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market.</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">The Fund pursues
its objective by investing, under normal market conditions, at least 80% of its assets (net assets, plus the amount of any borrowing
for investment purposes) in a diversified portfolio of equity securities, which include common stocks, rights, options, warrants,
convertible debt securities, and American Depositary Receipts (&#147;ADRs&#148;), that, when purchased, have market capitalizations
that are usually within the range of companies in the Russell 2500 Value Index. Although a universal definition of mid-capitalization
companies does not exist, the Fund generally defines mid-capitalization companies as those whose market capitalization is similar
to the market capitalization of companies in the Russell 2500 Value Index, which is an unmanaged index that measures the performance
of securities of small-to-mid cap U.S. companies with greater-than-average value orientation. As of December&#160;31, 2012, the
index consisted of securities of companies with capitalizations that ranged from $30 million to $10 billion.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">Security Investors,
LLC, also known as Guggenheim Investments (the &#147;Investment Manager&#148;), typically chooses equity securities that appear
undervalued relative to assets, earnings, growth potential or cash flows and may invest in&#160;a limited number of industries
or industry sectors, including the technology sector. Due to the nature of value companies, the securities included in the Fund&#146;s
portfolio typically consist of small-to medium-sized companies.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">The Fund may sell
a security if it is no longer considered undervalued or when the company begins to show deteriorating fundamentals.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify"><b>&#160;</b></p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #333333">The Fund also may invest
a portion of its assets in derivatives, including options and futures contracts. These instruments may be used to hedge the Fund&#146;s
portfolio, to maintain exposure to the equity markets or to increase returns.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">The Fund may,
from time to time, invest a portion of its assets in technology stocks.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">The Fund may invest
in a variety of investment vehicles, including those that seek to track the composition and performance of a specific index, such
as exchange traded funds (&#147;ETFs&#148;) and other mutual funds. The Fund may use these index-based investments as a way of
managing its cash position to gain exposure to the equity markets or a particular sector of the equity market, while maintaining
liquidity. Certain investment vehicles&#146; securities and other securities in which the Fund may invest are restricted securities,
which may be illiquid.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">Under adverse
or unstable market conditions, the Fund could invest some or all of its assets in cash, fixed-income securities, government bonds,
money market securities, or repurchase agreements. Although the Fund would do this only in seeking to avoid losses, the Fund may
be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market.</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #333333"></p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #333333">The Fund pursues its objective
by investing, under normal market conditions, at least 80% of its assets (net assets, plus the amount of any borrowing for investment
purposes) in a diversified portfolio of equity securities, which include common stocks, rights, options, warrants, convertible
debt securities, and American Depositary Receipts (&#147;ADRs&#148;), that, when purchased, have market capitalizations that
are usually within the range of companies in the Russell 2500 Value Index. Although a universal definition of mid-capitalization
companies does not exist, the Fund generally defines mid-capitalization companies as those whose market capitalization is similar
to the market capitalization of companies in the Russell 2500 Value Index, which is an unmanaged index that measures the performance
of securities of small-to-mid cap U.S. companies with greater-than-average value orientation. As of December&#160;31, 2012, the
index consisted of securities of companies with capitalizations that ranged from $30 million to $10 billion.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">Security Investors,
LLC, also known as Guggenheim Investments (the &#147;Investment Manager&#148;), typically chooses equity securities that appear
undervalued relative to assets, earnings, growth potential or cash flows and may invest in a limited number of industries or industry
sectors, including the technology sector. Due to the nature of value companies, the securities included in the Fund&#146;s portfolio
typically consist of small- to medium-sized companies.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">The Fund may sell
a security if it is no longer considered undervalued or when the company begins to show deteriorating fundamentals.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">The Fund also
may invest a portion of its assets in derivatives, including options and futures contracts. These instruments may be used to hedge
the Fund&#146;s portfolio, to maintain exposure to the equity markets or to increase returns.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">The Fund may,
from time to time, invest a portion of its assets in technology stocks.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">The Fund may invest
in a variety of investment vehicles, including those that seek to track the composition and performance of a specific index, such
as exchange traded funds (&#147;ETFs&#148;) and other mutual funds. The Fund may use these index-based investments as a way of
managing its cash position to gain exposure to the equity markets or a particular sector of the equity market, while maintaining
liquidity. Certain investment vehicles&#146; securities and other securities in which the Fund may invest are restricted securities,
which may be illiquid.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">Under adverse
or unstable market conditions, the Fund could invest some or all of its assets in cash, fixed-income securities, government bonds,
money market securities, or repurchase agreements. Although the Fund would do this only in seeking to avoid losses, the Fund may
be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #333333"></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund pursues its objective by investing, under normal market conditions, at least 80% of its assets (net assets, plus the amount
of any borrowing for investment purposes) in a widely-diversified portfolio of equity securities, which may include common stocks,
rights, options, warrants, American Depositary Receipts (&#147;ADRs&#148;) and convertible securities, of companies that, when
purchased, have market capitalizations that are usually within the range of companies in the S&#38;P 500 Index. Although a universal
definition of large market capitalization companies does not exist, the fund generally defines large market capitalization companies
as those whose market capitalization is similar to the market capitalization of companies in the S&#38;P 500 Index, which is an
unmanaged index composed of 500 selected common stocks that represent approximately two-thirds of the total market value of all
U.S. common stocks.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">&#160;</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The Fund pursues its objective by investing, under normal market conditions, in two discrete strategies as
follows: (1)&#160;approximately 50% of its total assets according to a Large Cap Growth strategy managed by Security Investors,
LLC, also known as Guggenheim Investments (the &#147;Investment Manager&#148;), and (2)&#160;approximately 50% of its total assets
to a Large Cap Value strategy also managed by the Investment Manager.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Investment Manager manages its allocation of the Fund&#146;s assets according to each of the two respective strategies, and the
trading decisions with respect to each of the strategies are made independently. In order to maintain the target allocations between
the two strategies, all daily cash inflows (purchases and reinvested distributions) and outflows (redemptions and expense items)
will be divided between the two strategies, as appropriate. The Investment Manager will rebalance the allocation to the Fund&#146;s
two strategies promptly to the extent the percentage of the Fund&#146;s assets allocated to either strategy equals or exceeds
60% of the Fund&#146;s total assets.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Investment Manager in its discretion may make adjustments if either of the two strategies becomes over- or under-weighted as a
result of market appreciation or depreciation. Accordingly, the performance of the Fund could differ from the performance of each
strategy if either had been maintained as a separate portfolio. As a consequence of the Investment Manager&#146;s efforts to maintain
assets between the two strategies at the targeted percentages, the Investment Manager will allocate assets and rebalance when necessary
by (1)&#160;allocating cash inflow to the strategy that is below its targeted percentage or (2)&#160;selling securities in the
strategy that exceeds its targeted percentage with proceeds being reallocated to the strategy that is below its targeted percentage.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">In
choosing equity securities, the Investment Manager uses a blended approach, investing in growth stocks and value stocks and may
invest in a limited number of industries or industry sectors, including the technology sector. Growth-oriented stocks are stocks
of established companies that typically have a record of consistent earnings growth. The Investment Manager typically chooses growth-oriented
companies through a combination of a qualitative top-down approach in reviewing growth trends that is based upon several fixed
income factors, such as bond spreads and interest rates, and a quantitative fundamental bottom-up approach. The Investment Manager
will also invest in value-oriented stocks. Value-oriented companies appear to be undervalued relative to assets, earnings, growth
potential or cash flows. The Investment Manager uses a blend of qualitative analysis and fundamental research to identify securities
that appear favorably priced and that may be able to sustain or improve their pre-tax ROIC (Return on Invested Capital) over time.
The Fund typically sells a security when the reasons for buying it no longer apply, when the company begins to show deteriorating
fundamentals or poor relative performance, or falls short of the Investment Manager&#146;s expectations.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund also may invest a portion of its assets in derivatives, including options and futures contracts. These instruments may be
used to hedge the Fund&#146;s portfolio, to maintain exposure to the equity markets or to increase returns.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund may invest in a variety of investment vehicles, including those that seek to track the composition and performance of a specific
index, such as exchange traded funds (&#147;ETFs&#148;) and other mutual funds. The Fund may use these index-based investments
as a way of managing its cash position, to gain exposure to the equity markets, or a particular sector of the equity market, while
maintaining liquidity.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund may, from time to time, invest a portion of its assets in technology stocks.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">Although
the Fund primarily invests in securities issued by domestic companies, there is no limit in the amount that the Fund may invest
in securities issued by foreign companies.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund actively trades its investments without regard to the length of time they have been owned by the Fund, which results in higher
portfolio turnover.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">Under
adverse or unstable market conditions, the Fund could invest some or all of its assets in cash, fixed-income securities, government
bonds, money market securities, or repurchase agreements. Although the Fund would do this only in seeking to avoid losses, the
Fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the
market.</p><p style="margin: 0pt">&#160;</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund pursues its objective by investing, under normal market conditions, at least 80% of its assets (net assets, plus the amount
of any borrowing for investment purposes) in a widely-diversified portfolio of equity securities, which may include common stocks,
rights, options, warrants, American Depositary Receipts (&#147;ADRs&#148;) and convertible securities, of companies that, when
purchased, have market capitalizations that are usually within the range of companies in the S&#38;P 500 Index. Although a universal
definition of large market capitalization companies does not exist, the fund generally defines large market capitalization companies
as those whose market capitalization is similar to the market capitalization of companies in the S&#38;P 500 Index, which is an
unmanaged index composed of 500 selected common stocks that represent approximately two-thirds of the total market value of all
U.S. common stocks.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund pursues its objective by investing, under normal market conditions, in two discrete strategies as follows: (1)&#160;approximately
50% of its total assets according to a Large Cap Growth strategy managed by Security Investors, LLC, also known as Guggenheim Investments
(the &#147;Investment Manager&#148;), and (2)&#160;approximately 50% of its total assets to a Large Cap Value strategy also managed
by the Investment Manager.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Investment Manager manages its allocation of the Fund&#146;s assets according to each of the two respective strategies, and the
trading decisions with respect to each of the strategies are made independently. In order to maintain the target allocations between
the two strategies, all daily cash inflows (purchases and reinvested distributions) and outflows (redemptions and expense items)
will be divided between the two strategies, as appropriate. The Investment Manager will rebalance the allocation to the Fund&#146;s
two strategies promptly to the extent the percentage of the Fund&#146;s assets allocated to either strategy equals or exceeds
60% of the Fund&#146;s total assets.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>
<table cellspacing="0" cellpadding="0" style="width: 100%; background-color: white; border-collapse: collapse">
<tr>
<td style="width: 94%">&#160;</td>
<td style="vertical-align: bottom; width: 1%">&#160;</td>
<td>&#160;</td>
<td style="vertical-align: bottom; width: 1%">&#160;</td>
<td style="width: 2%">&#160;</td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #333333">The
Investment Manager in its discretion may make adjustments if either of the two strategies becomes over- or under-weighted as a
result of market appreciation or depreciation. Accordingly, the performance of the Fund could differ from the performance of each
strategy if either had been maintained as a separate portfolio. As a consequence of the Investment Manager&#146;s efforts to maintain
assets between the two strategies at the targeted percentages, the Investment Manager will allocate assets and rebalance when necessary
by (1)&#160;allocating cash inflow to the strategy that is below its targeted percentage or (2)&#160;selling securities in the
strategy that exceeds its targeted percentage with proceeds being reallocated to the strategy that is below its targeted percentage.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">In
choosing equity securities, the Investment Manager uses a blended approach, investing in growth stocks and value stocks and may
invest in a limited number of industries or industry sectors, including the technology sector. Growth-oriented stocks are stocks
of established companies that typically have a record of consistent earnings growth. The Investment Manager typically chooses growth-oriented
companies through a combination of a qualitative top-down approach in reviewing growth trends that is based upon several fixed
income factors, such as bond spreads and interest rates, and a quantitative fundamental bottom-up approach. The Investment Manager
will also invest in value-oriented stocks. Value-oriented companies appear to be undervalued relative to assets, earnings, growth
potential or cash flows. The Investment Manager uses a blend of qualitative analysis and fundamental research to identify securities
that appear favorably priced and that may be able to sustain or improve their pre-tax ROIC (Return on Invested Capital) over time.
The Fund typically sells a security when the reasons for buying it no longer apply, when the company begins to show deteriorating
fundamentals or poor relative performance, or falls short of the Investment Manager&#146;s expectations.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund also may invest a portion of its assets in derivatives, including options and futures contracts. These instruments may be
used to hedge the Fund&#146;s portfolio, to maintain exposure to the equity markets or to increase returns.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund may invest in a variety of investment vehicles, including those that seek to track the composition and performance of a specific
index, such as exchange traded funds (&#147;ETFs&#148;) and other mutual funds. The Fund may use these index-based investments
as a way of managing its cash position, to gain exposure to the equity markets, or a particular sector of the equity market, while
maintaining liquidity.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund may, from time to time, invest a portion of its assets in technology stocks.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">Although
the Fund primarily invests in securities issued by domestic companies, there is no limit in the amount that the Fund may invest
in securities issued by foreign companies.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund actively trades its investments without regard to the length of time they have been owned by the Fund, which results in higher
portfolio turnover.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">Under
adverse or unstable market conditions, the Fund could invest some or all of its assets in cash, fixed-income securities, government
bonds, money market securities, or repurchase agreements. Although the Fund would do this only in seeking to avoid losses, the
Fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the
market.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its assets (net assets, plus the
amount of any borrowing for investment purposes) in equity securities, which include common and preferred stocks, warrants and
securities convertible into common or preferred stocks, of companies that, when purchased, have market capitalizations that are
usually within the range of companies in the Russell 2500 Growth Index. The Fund&#146;s benchmark is the Russell 2000 Growth Index,
which measures the performance of securities of smaller U.S. companies with greater-than-average growth orientation. Although a
universal definition of small-capitalization companies does not exist, the Fund generally defines small capitalization companies
as those whose market capitalization is similar to the market capitalization of companies in the Russell 2500 Growth Index, which
is an unmanaged index that measures the performance of securities of small-to-mid cap U.S. companies with higher price-to-book
ratios and higher forecasted growth values. As of December&#160;31, 2012, the Russell 2500 Growth Index consisted of securities
of companies with capitalizations that ranged from $28 million to $5 billion.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">Security
Investors, LLC, also known as Guggenheim Investments (the &#147;Investment Manager&#148;), uses a combination of a qualitative
economic approach in reviewing growth trends that is based upon several fixed income factors, such as bond spreads and interest
rates, along with a quantitative fundamental bottom-up approach in selecting growth stocks. The Investment Manager chooses portfolio
securities that it believes are attractively valued with the greatest potential for long term growth of capital and may invest
in a limited number of industries or industry sectors. The Investment Manager identifies the securities of companies that it believes
are in the early to middle stages of growth and are valued at a reasonable price. Equity securities considered to have appreciation
potential may include securities of smaller and less mature companies which have unique proprietary products or profitable market
niches and the potential to grow very rapidly (including, without limitation, technology companies).</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">&#160;</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #333333">The
Fund typically sells a stock if its growth prospects diminish, or if better opportunities become available.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund also may invest a portion of its assets in derivatives, including options and futures contracts. These instruments may be
used to hedge the Fund&#146;s portfolio, to increase returns or to maintain exposure to the equity markets. The Fund may also
invest in American Depositary Receipts (&#147;ADRs&#148;).</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund may actively trade its investments without regard to the length of time they have been owned by the Fund, which results in
higher portfolio turnover.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund may, from time to time, invest a portion of its assets in technology stocks.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund may invest in a variety of investment vehicles, including those that seek to track the composition and performance of a specific
index, such as exchange traded funds (&#147;ETFs&#148;) and other mutual funds. The Fund may use these index-based investments
as a way of managing its cash position, to gain exposure to the equity markets, or a particular sector of the equity market, while
maintaining liquidity. Certain investment company securities and other securities in which the Fund may invest are restricted securities,
which may be illiquid.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">Under
adverse or unstable market conditions, the Fund could invest some or all of its assets in cash, fixed-income securities, government
bonds, money market securities, or repurchase agreements. Although the Fund would do this only in seeking to avoid losses, the
Fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the
market.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund pursues its objective by investing, under normal market conditions, at least 80% of its assets (net assets, plus the amount
of any borrowing for investment purposes) in a diversified portfolio of equity securities, which include common stocks, rights,
options, warrants, convertible debt securities, and American Depositary Receipts (&#147;ADRs&#148;) that, when purchased, have
market capitalizations that are usually within the range of companies in the Russell 2000 Value Index. Although a universal definition
of small-capitalization companies does not exist, the Fund generally defines small-capitalization companies as those whose market
capitalization is similar to the market capitalization of companies in the Russell 2000 Value Index, which is an unmanaged index
measuring the performance of the small cap value segment of the U.S. equity universe and which includes companies with lower price-to-book
ratios and lower forecasted growth values.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">Security
Investors, LLC, also known as Guggenheim Investments (the &#147;Investment Manager&#148;), typically chooses equity securities
that appear undervalued relative to assets, earnings, growth potential or cash flows and may invest in a limited number of industries
or industry sectors, including the technology sector.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund may sell a security if it is no longer considered undervalued or when the company begins to show deteriorating fundamentals.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund also may invest a portion of its assets in derivatives, including options and futures contracts. These instruments may be
used to hedge the Fund&#146;s portfolio, to maintain exposure to the equity markets or to increase returns.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund may, from time to time, invest a portion of its assets in technology stocks.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund may invest in a variety of investment vehicles, including those that seek to track the composition and performance of a specific
index, such as exchange traded funds (&#147;ETFs&#148;) and other mutual funds. The Fund may use these index-based investments
as a way of managing its cash position to gain exposure to the equity markets or a particular sector of the equity market, while
maintaining liquidity. Certain investment vehicles&#146; securities and other securities in which the Fund may invest are restricted
securities, which may be illiquid.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund actively trades its investments without regard to the length of time they have been owned by the Fund, which results in higher
portfolio turnover.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">Under
adverse or unstable market conditions, the Fund could invest some or all of its assets in cash, fixed-income securities, government
bonds, money market securities, or repurchase agreements. Although the Fund would do this only in seeking to avoid losses, the
Fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the
market.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white"><font style="color: #333333">The
Fund pursues its objective by investing, under normal market conditions, at least 80% of its assets (net assets, plus the amount
of any borrowing for investment purposes) in equity securities, which include common stocks, rights, options, warrants, convertible
debt securities, and American Depositary Receipts (&#147;ADRs&#148;), of companies that, when purchased, have market capitalizations
that are usually within the range of companies in the Russell 1000 Growth Index. The Fund focuses its investments in a core position
of 20-30 common stocks of growth companies which have exhibited consistent above average earnings and/or revenue growth. The</font><font style="color: black">&#160;</font><font style="color: #333333">Fund
is non-diversified, which means that it may invest a larger portion of its assets in a limited number of companies than a diversified
fund. Security Investors, LLC, also known as Guggenheim Investments (the &#147;Investment Manager&#148;), selects what it believes
to be premier growth companies as the core position for the Fund using a combination of a qualitative top-down approach in reviewing
growth trends that is based upon several fixed income factors, such as bond spreads and interest rates, along with a quantitative
fundamental bottom-up approach. Portfolio holdings will be replaced when one or more of a company&#146;s fundamentals have changed,
and, in the opinion of the Investment Manager, it is no longer a premier growth company. Although a universal definition of large
market capitalization companies does not exist, for purposes of this fund, the Fund generally defines large market capitalization
companies as those whose market capitalization is similar to the market capitalization of companies in the Russell 1000 Growth
Index, which is an unmanaged index measuring the performance of the large cap growth segment of the U.S. equity universe and which
includes companies with higher price-to-book ratios and higher forecasted growth values.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund may invest a portion of its assets in derivatives, including options and futures contracts. These instruments may be used
to hedge the Fund&#146;s portfolio, to maintain exposure to the equity markets or to increase returns. The Fund also may invest
in ADRs.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund may actively trade its investments without regard to the length of time they have been owned by the Fund, which results in
higher portfolio turnover.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund may, from time to time, invest a portion of its assets in technology stocks.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund also may invest in a variety of investment vehicles, including those that seek to track the composition and performance of
a specific index, such as exchange traded funds (&#147;ETFs&#148;) and other mutual funds. The Fund may use these index-based
investments as a way of managing its cash position, to gain exposure to the equity markets or a particular sector of the equity
market, while maintaining liquidity.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund typically sells a stock if its growth prospects diminish or if better opportunities become available.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">Under
adverse or unstable market conditions, the Fund could invest some or all of its assets in cash, fixed-income securities, government
bonds, money market securities, or repurchase agreements. Although the Fund would do this only in seeking to avoid losses, the
Fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the
market.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.35pt 0 0; text-align: justify; background-color: white"><font style="color: #333333">The
Fund uses a passive management strategy, known as &#147;representative sampling,&#148; to track the performance of the Underlying
Index. &#147;Representative sampling&#148; refers to an indexing strategy that generally involves investing in a representative
sample of securities or financial instruments, primarily consisting of American Depositary Receipts (&#147;ADRs&#148;) and Global
Depositary Receipts</font><font style="color: black"> </font><font style="color: #333333"> (&#147;GDRs&#148;), that have an investment
profile similar to the Underlying Index and some, but not all, of the component securities of the Underlying Index. This technique
involves the use of risk management and quantitative stock picking strategies. Under normal circumstances, the Fund will invest
at least 80% of its assets (net assets, plus the amount of any borrowing for investment purposes) in the equity securities included
in the Underlying Index. The Fund may hold up to 20% of its assets in securities not included in or representative of the Underlying
Index. The Investment Manager expects that, over time, if the Fund has sufficient assets, the correlation between the Fund&#146;s
performance, before fees and expenses, and that of the Underlying Index will be 95% or better. A figure of 100% would indicate
perfect correlation. However, fees and expenses incurred by the Fund as well as the size and frequency of cash flows into and out
of the Fund as well as other factors will cause differences in performance, usually making it harder for the Fund to correlate
to the Underlying Index. The Fund may invest in a variety of investment vehicles, such as exchange traded funds (&#147;ETFs&#148;)
and other mutual funds. The Fund may use these investments as a way of managing its cash position to gain exposure to the equity
markets or a particular sector of the equity market, while maintaining liquidity. The Fund may also invest in futures contracts
in order to maintain exposure to the securities and currency markets at times when it is not able to purchase the corresponding
securities and currencies or it believes that it is more appropriate to use futures.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333">The
MSCI EAFE Equal Weighted Index is an unmanaged equal-weighted version of the MSCI EAFE Index, which means that each security included
in the index has the same weight on each rebalancing date and then fluctuates based on the performance of the security until weights
are reset equally on the next rebalancing date. The MSCI EAFE Equal Weighted Index is generally rebalanced quarterly. The Fund&#146;s
investments will be weighted and rebalanced in accordance with the MSCI EAFE Equal Weighted Index. The MSCI EAFE Index (Europe,
Australasia, Far East) is an index that is designed to measure the equity market performance of developed markets, excluding the
U.S. and Canada. As of December&#160;31, 2012, the MSCI EAFE Index consisted of separate sub-indices representing the following
22 developed market countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel,
Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom, with
capitalizations ranging from $1 to $209 billion. Both Indices are denominated in U.S. Dollars.</p><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><b>PRINCIPAL RISKS</b></p><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>PRINCIPAL
RISKS</b></font><b> </b></p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><b>PRINCIPAL RISKS</b></p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><b>PRINCIPAL RISKS</b></p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><b>PRINCIPAL RISKS</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-variant: small-caps"><b>Principal
Risks</b></font></p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><font style="font-size: 8pt"><b>PRINCIPAL
RISKS </b></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>PRINCIPAL
RISKS</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 7.8pt 0 0; text-align: justify; background-color: white"><b>PRINCIPAL
RISKS</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 7.8pt 0 0; text-align: justify; background-color: white"><b>PRINCIPAL
RISKS</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 7.8pt 0 0; text-align: justify"><b>PRINCIPAL RISKS</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 7.8pt 0 0; text-align: justify; background-color: white"><b>PRINCIPAL
RISKS</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 8.15pt 0 0; text-align: justify; background-color: white"><b>PRINCIPAL
RISKS</b></p><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 1.5pt 0 0; text-align: justify; color: #333333">An investment in the
Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose
money. The principal risks of investing in the Fund are listed below.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Credit Risk</b>&#160;&#150;&#160;The
Fund could lose money if the issuer of a bond is unable to repay interest and principal on time or defaults. The issuer of a bond
could also suffer a decrease in quality rating, which would affect the volatility of the price and liquidity of the bond.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Derivatives Risk</b>
&#150; Derivatives may pose risks in addition to those associated with investing directly in securities or other investments,
including possible illiquidity of the derivative, limited ability to enter into or unwind a position, imperfect correlations with
underlying investments or the Fund&#146;s other portfolio holdings, leverage risk, lack of availability and the risk that the
counterparty may default on its obligations. If the Investment Manager is incorrect about its expectations of market conditions,
the use of derivatives could result in a loss, which in some cases may be unlimited.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Emerging Markets Risk</b>&#160;&#150;&#160;Investments
in emerging markets securities are generally subject to a greater level of those risks associated with investing in foreign securities,
as emerging markets are considered less developed and developing countries.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Equity Securities
Risk</b> &#150; Equity securities include common stocks and other equity securities (and securities convertible into stocks),
and the prices of equity securities fluctuate in value more than other investments. They reflect changes in the issuing company&#146;s
financial condition and changes in the overall market. Common stocks generally represent the riskiest investment in a company.
The Fund may lose a substantial part, or even all, of its investment in a company&#146;s stock. Growth stocks may be more volatile
than value stocks.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Foreign Securities
Risk</b> &#150; Foreign securities, including investments in foreign securities through ADRs, carry additional risks when compared
to U.S. securities, including currency fluctuations, adverse political and economic developments, unreliable or untimely information,
less liquidity, limited legal recourse and higher transactional costs.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Growth Stocks Risk</b>
&#150; Growth stocks typically invest a high portion of their earnings back into their business and may lack the dividend yield
that could cushion their decline in a market downturn. Growth stocks may be more volatile than other stocks because they are more
sensitive to investor perceptions regarding the growth potential of the issuing company.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Interest Rate Risk</b>
&#150; Investments in fixed income securities are subject to the possibility that interest rates could rise sharply, causing the
value of the Fund&#146;s securities, and share price to decline. Fixed income securities with longer durations are subject to
more volatility than those with shorter durations.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Investment in Investment
Vehicles Risk</b> &#150; Investing in other investment vehicles, including ETFs and other mutual funds, subjects the Fund to those
risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment
vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles&#146;
expenses.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Large-Capitalization
Securities Risk</b> &#150; The Fund is subject to the risk that large-capitalization stocks may underperform other segments of
the equity market or the equity market as a whole. Larger, more established companies may be unable to respond quickly to new competitive
challenges such as changes in technology and may not be able to attain the high growth rate of smaller companies, especially during
extended periods of economic expansion.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #333333"><b>Leverage Risk</b> &#150;
The Fund&#146;s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more volatile
than if it had not been leveraged.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Liquidity and Valuation
Risk</b> &#150; In certain circumstances, it may be difficult for the Fund to purchase and sell particular investments within
a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes of the Fund&#146;s
net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes should be the price
of the investment.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Management Risk</b>
&#150; The Fund is actively managed, which means that investment decisions are made based on investment views. There is no guarantee
that the investment views will be successful. Furthermore, active trading that can accompany active management, also called &#147;high
turnover,&#148; may have a negative impact on performance. Active trading may result in higher brokerage costs or mark-up charges,
which are ultimately passed on to shareholders of the Fund.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Market Risk</b> &#150;
The market value of the securities held by the Fund may fluctuate resulting from factors affecting the individual company or other
factors such as changing economic, political or financial market conditions.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Regulatory and Legal
Risk</b> &#150; U.S. and other regulators and governmental agencies may implement additional regulations and legislators may pass
new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation applying
to the Fund (such as regulations related to investments in derivatives). These may impact the investment strategies, performance,
costs and operations of the Fund or taxation of shareholders.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Short Sales Risk</b>
&#150; Short selling a security involves selling a borrowed security with the expectation that the value of that security will
decline, so that the security may be purchased at a lower price when returning the borrowed security. The risk for loss on short
selling is greater than the original value of the securities sold short because the price of the borrowed security may rise, thereby
increasing the price at which the security must be purchased. Government actions also may affect the Fund&#146;s ability to engage
in short selling.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Small-Capitalization
Securities Risk</b> &#150; The Fund is subject to the risk that small capitalization stocks may underperform other segments of
the equity market or the equity market as a whole. Small-capitalization companies may be more vulnerable than larger, more established
organizations to adverse business or economic developments. Securities of small-capitalization companies may experience much more
price volatility, greater spreads between their bid and ask prices, significantly lower trading volumes, and cyclical or static
growth prospects. Small-capitalization companies often have limited product lines, markets or financial resources, and may therefore
be more vulnerable to adverse developments than larger capitalization companies.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Value Stocks Risk
&#150;</b> Value stocks are subject to the risk that the intrinsic value of the stock may never be realized by the market or
that the price goes down.</p><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">An investment in the
Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose
money. The principal risks of investing in the Fund are listed below.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Correlation and Tracking
Error Risk</b> &#150; A number of factors may affect the Fund&#146;s ability to track its benchmark index or achieve a high degree
of correlation with its benchmark either on a single trading day or for a longer time period. Factors such as Fund expenses, imperfect
correlation between the Fund&#146;s investments and those of its Underlying Index, rounding of share prices, regulatory policies,
high portfolio turnover rate and the use of leverage all contribute to tracking error or correlation risk. There can be no guarantee
that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from
achieving its investment objective.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Capitalization Securities
Risk</b> &#150; The Fund&#146;s Underlying Index may be composed primarily of, or have significant exposure to, securities in
a particular capitalization range, <i>e.g.,</i> large-, mid- or small-cap securities. As a result, the Fund may be subject to the
risk that the pre-dominate capitalization range represented in the Underlying Index may underperform other segments of the equity
market or the equity market as a whole.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">&#160;</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #333333"><b>Currency Risk</b> &#150;
Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative
to the U.S.&#160;Dollar, which would cause a decline in the U.S. value of the holdings of the Fund. Currency rates in foreign countries
may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition
of currency controls or other political, economic and tax developments in the U.S. or abroad.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Depositary Receipt
Risk</b> &#150; The Fund may hold the securities of non-U.S. companies in the form of ADRs and GDRs. The underlying securities
of the ADRs and GDRs in the Fund&#146;s portfolio are subject to fluctuations in foreign currency exchange rates that may affect
the value of the Fund&#146;s portfolio. In addition, the value of the securities underlying the ADRs and GDRs may change materially
when the U.S. markets are not open for trading. Investments in the underlying foreign securities also involve political and economic
risks distinct from those associated with investing in the securities of U.S. issuers.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Derivatives Risk</b>
&#150; Derivatives may pose risks in addition to those associated with investing directly in securities or other investments,
including possible illiquidity of the derivative, limited ability to enter into or unwind a position, imperfect correlations with
underlying investments or the Fund&#146;s other portfolio holdings, leverage risk, lack of availability and the risk that the
counterparty may default on its obligations. If the Investment Manager is incorrect about its expectations of market conditions,
the use of derivatives could result in a loss, which in some cases may be unlimited.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Equity Securities
Risk</b> &#150; Equity securities include common stocks and other equity securities (and securities convertible into stocks),
and the prices of equity securities fluctuate in value more than other investments. They reflect changes in the issuing company&#146;s
financial condition and changes in the overall market. Common stocks generally represent the riskiest investment in a company.
The Fund may lose a substantial part, or even all, of its investment in a company&#146;s stock. Growth stocks may be more volatile
than value stocks.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Foreign Securities
Risk</b> &#150; Foreign securities carry additional risks when compared to U.S. securities, including currency fluctuations, adverse
political and economic developments, unreliable or untimely information, less liquidity, limited legal recourse and higher transactional
costs.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Geographic Focus Risk</b>
&#150; To the extent that the Fund&#146;s investments are focused in a particular country or region, the Fund will be susceptible
to loss due to adverse market, political, regulatory, and geographic events affecting that country or region. The Fund&#146;s
exposure generally will be focused on a particular country or region to the same extent as the Underlying Index. The Fund has focused
investment exposure to the regions listed below.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 24.45pt; text-align: justify; color: #333333"><b>Asia</b> &#150;
While certain Asian economies are exemplars of growth and development others have been and continue to be subject, to some extent,
to over-extension of credit, currency devaluations and restrictions, high unemployment, high inflation, decreased exports and economic
recessions.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 24.45pt; text-align: justify; color: #333333"><b>Europe</b>
&#150; The European economy is diverse and includes both large, competitive economies and small, struggling economies. The European
economy is vulnerable to decreasing imports or exports, changes in governmental regulations on trade, changes in the exchange rate
of the euro and recessions in EU economies. The European financial markets have recently experienced volatility due to concerns
about rising government debt levels of several European countries and increased unemployment levels. Economic uncertainty may have
an adverse effect on the value of the Fund&#146;s investments.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Investment in Investment
Vehicles Risk</b> &#150; Investing in other investment vehicles, including ETFs and other mutual funds, subjects the Fund to those
risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment
vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles&#146;
expenses.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Leverage Risk</b>
&#150; The Fund&#146;s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more
volatile than if it had not been leveraged.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Liquidity and Valuation
Risk</b> &#150; In certain circumstances, it may be difficult for the Fund to purchase and sell particular investments within
a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes of the Fund&#146;s
net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes should be the price
of the investment.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Market Risk</b> &#150;
The market value of the securities held by the Fund may fluctuate resulting from factors affecting the individual company or other
factors such as changing economic, political or financial market conditions.</p>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Passive Investment/Index
Strategy Risk</b> &#150; The Fund has an investment strategy that is designed to track the performance of its Underlying Index
and is not actively managed. The Investment Manager does not base its securities selection based upon its view of the relative
benefits and detriments of issuers or securities, and the Investment Manager does not attempt to purchase or sell securities due
to declining market prices or changes in an issuer of a security held by the Fund or otherwise take defensive positions in declining
markets. The Fund will purchase, hold or sell securities when an actively managed fund would not do so. Therefore, the Fund may
be subject to greater losses in a declining market than a fund that is actively managed.</p>
<p style="font: 5.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">An investment
in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors
could lose money. The principal risks of investing in the Fund are listed below.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Derivatives
Risk</b> &#150; Derivatives may pose risks in addition to those associated with investing directly in securities or other investments,
including possible illiquidity of the derivative, limited ability to enter into or unwind a position, imperfect correlations with
underlying investments or the Fund&#146;s other portfolio holdings, leverage risk, lack of availability and the risk that the
counterparty may default on its obligations. If the Investment Manager is incorrect about its expectations of market conditions,
the use of derivatives could result in a loss, which in some cases may be unlimited.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Equity Securities
Risk </b>&#150; Equity securities include common stocks and other equity securities (and securities convertible into stocks),
and the prices of equity securities fluctuate in value more than other investments. They reflect changes in the issuing company&#146;s
financial condition and changes in the overall market. Common stocks generally represent the riskiest investment in a company.
The Fund may lose a substantial part, or even all, of its investment in a company&#146;s stock. Growth stocks may be more volatile
than value stocks.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Foreign Securities
Risk</b> &#150; Foreign securities, including investments in foreign securities through ADRs, carry additional risks when compared
to U.S. securities, including currency fluctuations, adverse political and economic developments, unreliable or untimely information,
less liquidity, limited legal recourse and higher transactional costs.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Growth Stocks
Risk</b> &#150; Growth stocks typically invest a high portion of their earnings back into their business and may lack the dividend
yield that could cushion their decline in a market downturn. Growth stocks may be more volatile than other stocks because they
are more sensitive to investor perceptions regarding the growth potential of the issuing company.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Investment
in Investment Vehicles Risk</b> &#150; Investing in other investment vehicles, including ETFs and other mutual funds, subjects
the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities
held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying
vehicles&#146; expenses.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Leverage Risk</b>
&#150; The Fund&#146;s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more
volatile than if it had not been leveraged.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Liquidity and
Valuation Risk</b> &#150; In certain circumstances, it may be difficult for the Fund to purchase and sell particular investments
within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes of the
Fund&#146;s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes should
be the price of the investment.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Management
Risk</b> &#150; The Fund is actively managed, which means that investment decisions are made based on investment views. There
is no guarantee that the investment views will be successful. Furthermore, active trading that can accompany active management,
also called &#147;high turnover,&#148; may have a negative impact on performance. Active trading may result in higher brokerage
costs or mark-up charges, which are ultimately passed on to shareholders of the Fund.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Market Risk</b>
&#150; The market value of the securities held by the Fund may fluctuate resulting from factors affecting the individual company
or other factors such as changing economic, political or financial market conditions.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Preferred Securities
Risk</b> &#150; A company&#146;s preferred stock generally pays dividends only after the company makes required payments to holders
of its bonds and other debt. For this reason, the value of preferred stock will usually react more strongly than bonds and other
debt to actual or perceived changes in the company&#146;s financial condition or prospects.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Regulatory
and Legal Risk</b> &#150; U.S. and other regulators and governmental agencies may implement additional regulations and legislators
may pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation
applying to the Fund (such as regulations related to investments in derivatives). These may impact the investment strategies, performance,
costs and operations of the Fund or taxation of shareholders.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Restricted
Securities Risk</b> &#150; Restricted securities generally cannot be sold to the public and may involve a high degree of business,
financial and liquidity risk, which may result in substantial losses to the Fund.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Small-Capitalization
Securities Risk </b>&#150; The Fund is subject to the risk that small capitalization stocks may underperform other segments of
the equity market or the equity market as a whole. Small-capitalization companies may be more vulnerable than larger, more established
organizations to adverse business or economic developments. Securities of small-capitalization companies may experience much more
price volatility, greater spreads between their bid and ask prices, significantly lower trading volumes, and cyclical or static
growth prospects. Small-capitalization companies often have limited product lines, markets or financial resources, and may therefore
be more vulnerable to adverse developments than larger capitalization companies.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Technology
Stocks Risk</b> &#150; Stocks of companies involved in the technology sector may be very volatile.</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">An investment
in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors
could lose money. The principal risks of investing in the Fund are listed below.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Derivatives
Risk</b> &#150; Derivatives may pose risks in addition to those associated with investing directly in securities or other investments,
including possible illiquidity of the derivative, limited ability to enter into or unwind a position, imperfect correlations with
underlying investments or the Fund&#146;s other portfolio holdings, leverage risk, lack of availability and the risk that the
counterparty may default on its obligations. If the Investment Manager is incorrect about its expectations of market conditions,
the use of derivatives could result in a loss, which in some cases may be unlimited.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Equity Securities
Risk</b> &#150; Equity securities include common stocks and other equity securities (and securities convertible into stocks),
and the prices of equity securities fluctuate in value more than other investments. They reflect changes in the issuing company&#146;s
financial condition and changes in the overall market. Common stocks generally represent the riskiest investment in a company.
The Fund may lose a substantial part, or even all, of its investment in a company&#146;s stock. Growth stocks may be more volatile
than value stocks.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #333333"><b>Foreign Securities
Risk</b> &#150; Foreign securities, including investments in foreign securities through ADRs, carry additional risks when compared
to U.S. securities, including currency fluctuations, adverse political and economic developments, unreliable or untimely information,
less liquidity, limited legal recourse and higher transactional costs.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Growth Stocks
Risk</b> &#150; Growth stocks typically invest a high portion of their earnings back into their business and may lack the dividend
yield that could cushion their decline in a market downturn. Growth stocks may be more volatile than other stocks because they
are more sensitive to investor perceptions regarding the growth potential of the issuing company.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Investment
in Investment Vehicles Risk</b> &#150; Investing in other investment vehicles, including ETFs and other mutual funds, subjects
the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities
held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying
vehicles&#146; expenses.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Large-Capitalization
Securities Risk</b> &#150; The Fund is subject to the risk that large-capitalization stocks may underperform other segments of
the equity market or the equity market as a whole. Larger, more established companies may be unable to respond quickly to new competitive
challenges such as changes in technology and may not be able to attain the high growth rate of smaller companies, especially during
extended periods of economic expansion.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Leverage Risk</b>
&#150; The Fund&#146;s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more
volatile than if it had not been leveraged.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Liquidity and
Valuation Risk</b> &#150; In certain circumstances, it may be difficult for the Fund to purchase and sell particular investments
within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes of the
Fund&#146;s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes should
be the price of the investment.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Management
Risk &#150; </b>The Fund is actively managed, which means that investment decisions are made based on investment views. There
is no guarantee that the investment views will be successful. Furthermore, active trading that can accompany active management,
also called &#147;high turnover,&#148; may have a negative impact on performance. Active trading may result in higher brokerage
costs or mark-up charges, which are ultimately passed on to shareholders of the Fund.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Market Risk</b>
&#150; The market value of the securities held by the Fund may fluctuate resulting from factors affecting the individual company
or other factors such as changing economic, political or financial market conditions.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Non-Diversification
Risk</b> &#150; The Fund is considered non-diversified because it invests a large portion of its assets in a small number of issuers.
As a result, the Fund is more susceptible to risks associated with those issuers than a more diversified portfolio, and its performance
may be more volatile.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Regulatory
and Legal Risk</b> &#150; U.S. and other regulators and governmental agencies may implement additional regulations and legislators
may pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation
applying to the Fund (such as regulations related to investments in derivatives). These may impact the investment strategies, performance,
costs and operations of the Fund or taxation of shareholders.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify"><font style="color: #333333"><b>Technology
Stocks Risk</b></font> &#150; Stocks of companies involved in the technology sector may be very volatile.</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">An investment
in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors
could lose money. The principal risks of investing in the Fund are listed below.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Derivatives
Risk</b> &#150; Derivatives may pose risks in addition to those associated with investing directly in securities or other investments,
including possible illiquidity of the derivative, limited ability to enter into or unwind a position, imperfect correlations with
underlying investments or the Fund&#146;s other portfolio holdings, leverage risk, lack of availability and the risk that the
counterparty may default on its obligations. If the Investment Manager is incorrect about its expectations of market conditions,
the use of derivatives could result in a loss, which in some cases may be unlimited.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Equity Securities
Risk</b> &#150; Equity securities include common stocks and other equity securities (and securities convertible into stocks),
and the prices of equity securities fluctuate in value more than other investments. They reflect changes in the issuing company&#146;s
financial condition and changes in the overall market. Common stocks generally represent the riskiest investment in a company.
The Fund may lose a substantial part, or even all, of its investment in a company&#146;s stock. Growth stocks may be more volatile
than value stocks.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Foreign Securities
Risk</b> &#150; Foreign securities, including investments in foreign securities through ADRs, carry additional risks when compared
to U.S. securities, including currency fluctuations, adverse political and economic developments, unreliable or untimely information,
less liquidity, limited legal recourse and higher transactional costs.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Investment
in Investment Vehicles Risk</b> &#150; Investing in other investment vehicles, including ETFs and other mutual funds subjects
the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities
held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying
vehicles&#146; expenses.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #333333"><b>Leverage Risk</b> &#150;
The Fund&#146;s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more volatile
than if it had not been leveraged.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Liquidity and
Valuation Risk</b> &#150; In certain circumstances, it may be difficult for the Fund to purchase and sell particular investments
within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes of the
Fund&#146;s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes should
be the price of the investment.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Management
Risk</b> &#150; The Fund is actively managed, which means that investment decisions are made based on investment views. There
is no guarantee that the investment views will be successful. Furthermore, active trading that can accompany active management,
also called &#147;high turnover,&#148; may have a negative impact on performance. Active trading may result in higher brokerage
costs or mark-up charges, which are ultimately passed on to shareholders of the Fund.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Market Risk</b>
&#150; The market value of the securities held by the Fund may fluctuate resulting from factors affecting the individual company
or other factors such as changing economic, political or financial market conditions.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Regulatory
and Legal Risk</b> &#150; U.S. and other regulators and governmental agencies may implement additional regulations and legislators
may pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation
applying to the Fund (such as regulations related to investments in derivatives). These may impact the investment strategies, performance,
costs and operations of the Fund or taxation of shareholders.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Restricted
Securities Risk</b> &#150; Restricted securities generally cannot be sold to the public and may involve a high degree of business,
financial and liquidity risk, which may result in substantial losses to the Fund.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Small-Capitalization
Securities Risk</b> &#150; The Fund is subject to the risk that small capitalization stocks may underperform other segments of
the equity market or the equity market as a whole. Small-capitalization companies may be more vulnerable than larger, more established
organizations to adverse business or economic developments. Securities of small-capitalization companies may experience much more
price volatility, greater spreads between their bid and ask prices, significantly lower trading volumes, and cyclical or static
growth prospects. Small-capitalization companies often have limited product lines, markets or financial resources, and may therefore
be more vulnerable to adverse developments than larger capitalization companies.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Technology
Stocks Risk</b> &#150; Stocks of companies involved in the technology sector may be very volatile.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Value Stocks
Risk</b> &#150; Value stocks are subject to the risk that the intrinsic value of the stock may never be realized by the market
or that the price goes down.</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">An investment
in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors
could lose money. The principal risks of investing in the Fund are listed below.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Derivatives
Risk</b> &#150; Derivatives may pose risks in addition to those associated with investing directly in securities or other investments,
including possible illiquidity of the derivative, limited ability to enter into or unwind a position, imperfect correlations with
underlying investments or the Fund&#146;s other portfolio holdings, leverage risk, lack of availability and the risk that the
counterparty may default on its obligations. If the Investment Manager is incorrect about its expectations of market conditions,
the use of derivatives could result in a loss, which in some cases may be unlimited.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Equity Securities
Risk</b> &#150; Equity securities include common stocks and other equity securities (and securities convertible into stocks),
and the prices of equity securities fluctuate in value more than other investments. They reflect changes in the issuing company&#146;s
financial condition and changes in the overall market. Common stocks generally represent the riskiest investment in a company.
The Fund may lose a substantial part, or even all, of its investment in a company&#146;s stock. Growth stocks may be more volatile
than value stocks.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Foreign Securities
Risk</b> &#150; Foreign securities, including investments in foreign securities through ADRs, carry additional risks when compared
to U.S. securities, including currency fluctuations, adverse political and economic developments, unreliable or untimely information,
less liquidity, limited legal recourse and higher transactional costs.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Investment
in Investment Vehicles Risk</b> &#150; Investing in other investment vehicles, including ETFs and other mutual funds, subjects
the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities
held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying
vehicles&#146; expenses.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Leverage Risk</b>
&#150; The Fund&#146;s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more
volatile than if it had not been leveraged.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Liquidity and
Valuation Risk</b> &#150; In certain circumstances, it may be difficult for the Fund to purchase and sell particular investments
within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes of the
Fund&#146;s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes should
be the price of the investment.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Management
Risk</b> &#150; The Fund is actively managed, which means that investment decisions are made based on investment views. There
is no guarantee that the investment views will be successful. Furthermore, active trading that can accompany active management,
also called &#147;high turnover,&#148; may have a negative impact on performance. Active trading may result in higher brokerage
costs or mark-up charges, which are ultimately passed on to shareholders of the Fund.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Market Risk</b>
&#150; The market value of the securities held by the Fund may fluctuate resulting from factors affecting the individual company
or other factors such as changing economic, political or financial market conditions.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Mid-Capitalization
Securities Risk</b> &#150; The Fund is subject to the risk that medium-capitalization stocks may underperform other segments of
the equity market or the equity market as a whole. Securities of medium-capitalization companies may experience more price volatility,
greater spreads between their bid and ask prices, lower trading volumes, and cyclical or static growth prospects. Medium-capitalization
companies often have limited product lines, markets or financial resources, and may therefore be more vulnerable to adverse developments
than larger capitalization companies.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Regulatory
and Legal Risk</b> &#150; U.S. and other regulators and governmental agencies may implement additional regulations and legislators
may pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation
applying to the Fund (such as regulations related to investments in derivatives). These may impact the investment strategies, performance,
costs and operations of the Fund or taxation of shareholders.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Restricted
Securities Risk</b> &#150; Restricted securities generally cannot be sold to the public and may involve a high degree of business,
financial and liquidity risk, which may result in substantial losses to the Fund.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Technology
Stocks Risk</b> &#150; Stocks of companies involved in the technology sector may be very volatile.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333"><b>Value Stocks
Risk</b> &#150; Value stocks are subject to the risk that the intrinsic value of the stock may never be realized by the market
or that the price goes down.</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">An investment
in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors
could lose money. The principal risks of investing in the Fund are listed below.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Derivatives
Risk</b> &#150; Derivatives may pose risks in addition to those associated with investing directly in securities or other investments,
including possible illiquidity of the derivative, limited ability to enter into or unwind a position, imperfect correlations with
underlying investments or the Fund&#146;s other portfolio holdings, leverage risk, lack of availability and the risk that the
counterparty may default on its obligations. If the Investment Manager is incorrect about its expectations of market conditions,
the use of derivatives could result in a loss, which in some cases may be unlimited.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Equity Securities
Risk</b> &#150; Equity securities include common stocks and other equity securities (and securities convertible into stocks),
and the prices of equity securities fluctuate in value more than other investments. They reflect changes in the issuing company&#146;s
financial condition and changes in the overall market. Common stocks generally represent the riskiest investment in a company.
The Fund may lose a substantial part, or even all, of its investment in a company&#146;s stock. Growth stocks may be more volatile
than value stocks.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Foreign Securities
Risk</b> &#150; Foreign securities, including investments in foreign securities through ADRs, carry additional risks when compared
to U.S. securities, including currency fluctuations, adverse political and economic developments, unreliable or untimely information,
less liquidity, limited legal recourse and higher transactional costs.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Investment
in Investment Vehicles Risk</b> &#150; Investing in other investment vehicles, including ETFs and other mutual funds, subjects
the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities
held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying
vehicles&#146; expenses.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Leverage Risk</b>
&#150; The Fund&#146;s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more
volatile than if it had not been leveraged.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #333333"><b>&#160;</b></p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #333333"><b>Liquidity and Valuation
Risk</b> &#150; In certain circumstances, it may be difficult for the Fund to purchase and sell particular investments within
a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes of the Fund&#146;s
net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes should be the price
of the investment.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Management
Risk</b> &#150; The Fund is actively managed, which means that investment decisions are made based on investment views. There
is no guarantee that the investment views will be successful. Furthermore, active trading that can accompany active management,
also called &#147;high turnover,&#148; may have a negative impact on performance. Active trading may result in higher brokerage
costs or mark-up charges, which are ultimately passed on to shareholders of the Fund.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Market Risk</b>
&#150; The market value of the securities held by the Fund may fluctuate resulting from factors affecting the individual company
or other factors such as changing economic, political or financial market conditions.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Mid-Capitalization
Securities Risk</b> &#150; The Fund is subject to the risk that medium-capitalization stocks may underperform other segments of
the equity market or the equity market as a whole. Securities of medium-capitalization companies may experience more price volatility,
greater spreads between their bid and ask prices, lower trading volumes, and cyclical or static growth prospects. Medium-capitalization
companies often have limited product lines, markets or financial resources, and may therefore be more vulnerable to adverse developments
than larger capitalization companies.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Regulatory
and Legal Risk </b>&#150; U.S. and other regulators and governmental agencies may implement additional regulations and legislators
may pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation
applying to the Fund (such as regulations related to investments in derivatives). These may impact the investment strategies, performance,
costs and operations of the Fund or taxation of shareholders.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Restricted
Securities Risk</b> &#150; Restricted securities generally cannot be sold to the public and may involve a high degree of business,
financial and liquidity risk, which may result in substantial losses to the Fund.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Technology
Stocks Risk</b> &#150; Stocks of companies involved in the technology sector may be very volatile.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333"><b>Value Stocks
Risk</b> &#150; Value stocks are subject to the risk that the intrinsic value of the stock may never be realized by the market
or that the price goes down.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">An
investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency. The value of an investment in the Fund will fluctuate and is subject to investment risks, which
means investors could lose money. The principal risks of investing in the Fund are listed below.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white"><font style="color: #333333"><b>Derivatives
Risk</b>&#160;&#150; Derivatives may pose risks in addition to those associated with investing directly in securities or other
investments, including possible illiquidity of the derivative, limited ability to enter into or unwind a position, imperfect correlations
with underlying investments or the Fund&#146;s other portfolio holdings, leverage risk, lack of availability and the risk that
the</font><font style="color: black"> </font><font style="color: #333333">counterparty may default on its obligations. If the Investment
Manager is incorrect about its expectations of market conditions, the use of derivatives could result in a loss, which in some
cases may be unlimited.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Equity
Securities Risk</b>&#160;&#150; Equity securities include common stocks and other equity securities (and securities convertible
into stocks), and the prices of equity securities fluctuate in value more than other investments. They reflect changes in the issuing
company&#146;s financial condition and changes in the overall market. Common stocks generally represent the riskiest investment
in a company. The Fund may lose a substantial part, or even all, of its investment in a company&#146;s stock. Growth stocks may
be more volatile than value stocks.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Foreign
Securities Risk</b>&#160;&#150; Foreign securities, including investments in foreign securities through ADRs, carry additional
risks when compared to U.S. securities, including currency fluctuations, adverse political and economic developments, unreliable
or untimely information, less liquidity, limited legal recourse and higher transactional costs.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Growth
Stocks Risk</b>&#160;&#150; Growth stocks typically invest a high portion of their earnings back into their business and may lack
the dividend yield that could cushion their decline in a market downturn. Growth stocks may be more volatile than other stocks
because they are more sensitive to investor perceptions regarding the growth potential of the issuing company.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Investment
in Investment Vehicles Risk</b>&#160;&#150; Investing in other investment vehicles, including ETFs and other mutual funds, subjects
the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities
held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying
vehicles&#146; expenses.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Large-Capitalization
Securities Risk</b>&#160;&#150; The Fund is subject to the risk that large-capitalization stocks may underperform other segments
of the equity market or the equity market as a whole. Larger, more established companies may be unable to respond quickly to new
competitive challenges such as changes in technology and may not be able to attain the high growth rate of smaller companies, especially
during extended periods of economic expansion.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Leverage
Risk&#160;</b>&#150; The Fund&#146;s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund
to be more volatile than if it had not been leveraged.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Liquidity
and Valuation Risk</b>&#160;&#150; In certain circumstances, it may be difficult for the Fund to purchase and sell particular
investments within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes
of the Fund&#146;s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes
should be the price of the investment.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Management
Risk</b>&#160;&#150; The Fund is actively managed, which means that investment decisions are made based on investment views. There
is no guarantee that the investment views will be successful. Furthermore, active trading that can accompany active management,
also called &#147;high turnover,&#148; may have a negative impact on performance. Active trading may result in higher brokerage
costs or mark-up charges, which are ultimately passed on to shareholders of the Fund.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Market
Risk</b>&#160;&#150; The market value of the securities held by the Fund may fluctuate resulting from factors affecting the individual
company or other factors such as changing economic, political or financial market conditions.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Regulatory
and Legal Risk</b>&#160;&#150; U.S. and other regulators and governmental agencies may implement additional regulations and legislators
may pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation
applying to the Fund (such as regulations related to investments in derivatives). These may impact the investment strategies, performance,
costs and operations of the Fund or taxation of shareholders.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Technology
Stocks Risk</b>&#160;&#150; Stocks of companies involved in the technology sector may be very volatile.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Value
Stocks Risk</b>&#160;&#150; Value stocks are subject to the risk that the intrinsic value of the stock may never be realized by
the market or that the price goes down.</p><p style="margin: 0pt">&#160;</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">An
investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency. The value of an investment in the Fund will fluctuate and is subject to investment risks, which
means investors could lose money. The principal risks of investing in the Fund are listed below.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Derivatives
Risk</b>&#160;&#150; Derivatives may pose risks in addition to those associated with investing directly in securities or other
investments, including possible illiquidity of the derivative, limited ability to enter into or unwind a position, imperfect correlations
with underlying investments or the Fund&#146;s other portfolio holdings, leverage risk, lack of availability and the risk that
the counterparty may default on its obligations. If the Investment Manager is incorrect about its expectations of market conditions,
the use of derivatives could result in a loss, which in some cases may be unlimited.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Equity
Securities Risk</b>&#160;&#150; Equity securities include common stocks and other equity securities (and securities convertible
into stocks), and the prices of equity securities fluctuate in value more than other investments. They reflect changes in the issuing
company&#146;s financial condition and changes in the overall market. Common stocks generally represent the riskiest investment
in a company. The Fund may lose a substantial part, or even all, of its investment in a company&#146;s stock. Growth stocks may
be more volatile than value stocks.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Foreign
Securities Risk</b>&#160;&#150; Foreign securities, including investments in foreign securities through ADRs, carry additional
risks when compared to U.S. securities, including currency fluctuations, adverse political and economic developments, unreliable
or untimely information, less liquidity, limited legal recourse and higher transactional costs.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #333333"><b>Growth
Stocks Risk</b>&#160;&#150; Growth stocks typically invest a high portion of their earnings back into their business and may lack
the dividend yield that could cushion their decline in a market downturn. Growth stocks may be more volatile than other stocks
because they are more sensitive to investor perceptions regarding the growth potential of the issuing company.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Investment
in Investment Vehicles Risk</b>&#160;&#150; Investing in other investment vehicles, including ETFs and other mutual funds, subjects
the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities
held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying
vehicles&#146; expenses.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Large-Capitalization
Securities Risk</b>&#160;&#150; The Fund is subject to the risk that large-capitalization stocks may underperform other segments
of the equity market or the equity market as a whole. Larger, more established companies may be unable to respond quickly to new
competitive challenges such as changes in technology and may not be able to attain the high growth rate of smaller companies, especially
during extended periods of economic expansion.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Leverage
Risk</b>&#160;&#150; The Fund&#146;s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund
to be more volatile than if it had not been leveraged.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Liquidity
and Valuation Risk</b>&#160;&#150; In certain circumstances, it may be difficult for the Fund to purchase and sell particular
investments within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes
of the Fund&#146;s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes
should be the price of the investment.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Management
Risk</b>&#160;&#150; The Fund is actively managed, which means that investment decisions are made based on investment views. There
is no guarantee that the investment views will be successful. Furthermore, active trading that can accompany active management,
also called &#147;high turnover,&#148; may have a negative impact on performance. Active trading may result in higher brokerage
costs or mark-up charges, which are ultimately passed on to shareholders of the Fund.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Market
Risk</b>&#160;&#150; The market value of the securities held by the Fund may fluctuate resulting from factors affecting the individual
company or other factors such as changing economic, political or financial market conditions.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Regulatory
and Legal Risk</b>&#160;&#150; U.S. and other regulators and governmental agencies may implement additional regulations and legislators
may pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation
applying to the Fund (such as regulations related to investments in derivatives). These may impact the investment strategies, performance,
costs and operations of the Fund or taxation of shareholders.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Technology
Stocks Risk</b>&#160;&#150; Stocks of companies involved in the technology sector may be very volatile.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Value
Stocks Risk</b>&#160;&#150; Value stocks are subject to the risk that the intrinsic value of the stock may never be realized by
the market or that the price goes down.</p>
<p style="margin: 0pt"></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; background-color: white; color: #333333">An
investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency. The value of an investment in the Fund will fluctuate and is subject to investment risks, which
means investors could lose money. The principal risks of investing in the Fund are listed below.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Derivatives
Risk</b>&#160;&#150; Derivatives may pose risks in addition to those associated with investing directly in securities or other
investments, including possible illiquidity of the derivative, limited ability to enter into or unwind a position, imperfect correlations
with underlying investments or the Fund&#146;s other portfolio holdings, leverage risk, lack of availability and the risk that
the counterparty may default on its obligations. If the Investment Manager is incorrect about its expectations of market conditions,
the use of derivatives could result in a loss, which in some cases may be unlimited.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Equity
Securities Risk</b>&#160;&#150; Equity securities include common stocks and other equity securities (and securities convertible
into stocks), and the prices of equity securities fluctuate in value more than other investments. They reflect changes in the issuing
company&#146;s financial condition and changes in the overall market. Common stocks generally represent the riskiest investment
in a company. The Fund may lose a substantial part, or even all, of its investment in a company&#146;s stock. Growth stocks may
be more volatile than value stocks.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Foreign
Securities Risk</b>&#160;&#150; Foreign securities, including investments in foreign securities through ADRs, carry additional
risks when compared to U.S. securities, including currency fluctuations, adverse political and economic developments, unreliable
or untimely information, less liquidity, limited legal recourse and higher transactional costs.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Growth
Stocks Risk</b>&#160;&#150; Growth stocks typically invest a high portion of their earnings back into their business and may lack
the dividend yield that could cushion their decline in a market downturn. Growth stocks may be more volatile than other stocks
because they are more sensitive to investor perceptions regarding the growth potential of the issuing company.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Investment
in Investment Vehicles Risk</b>&#160;&#150; Investing in other investment vehicles, including ETFs and other mutual funds, subjects
the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities
held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying
vehicles&#146; expenses.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Leverage
Risk</b>&#160;&#150; The Fund&#146;s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund
to be more volatile than if it had not been leveraged.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Liquidity
and Valuation Risk</b>&#160;&#150; In certain circumstances, it may be difficult for the Fund to purchase and sell particular
investments within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes
of the Fund&#146;s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes
should be the price of the investment.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #333333"><b>&#160;</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #333333"><b>Management
Risk</b>&#160;&#150; The Fund is actively managed, which means that investment decisions are made based on investment views. There
is no guarantee that the investment views will be successful. Furthermore, active trading that can accompany active management,
also called &#147;high turnover,&#148; may have a negative impact on performance. Active trading may result in higher brokerage
costs or mark-up charges, which are ultimately passed on to shareholders of the Fund.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Market
Risk</b>&#160;&#150; The market value of the securities held by the Fund may fluctuate resulting from factors affecting the individual
company or other factors such as changing economic, political or financial market conditions.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Preferred
Securities Risk</b>&#160;&#150; A company&#146;s preferred stock generally pays dividends only after the company makes required
payments to holders of its bonds and other debt. For this reason, the value of preferred stock will usually react more strongly
than bonds and other debt to actual or perceived changes in the company&#146;s financial condition or prospects.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Regulatory
and Legal Risk</b>&#160;&#150; U.S. and other regulators and governmental agencies may implement additional regulations and legislators
may pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation
applying to the Fund (such as regulations related to investments in derivatives). These may impact the investment strategies, performance,
costs and operations of the Fund or taxation of shareholders.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Restricted
Securities Risk</b>&#160;&#150; Restricted securities generally cannot be sold to the public and may involve a high degree of
business, financial and liquidity risk, which may result in substantial losses to the Fund.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Small-Capitalization
Securities Risk</b>&#160;&#150; The Fund is subject to the risk that small capitalization stocks may underperform other segments
of the equity market or the equity market as a whole. Small-capitalization companies may be more vulnerable than larger, more established
organizations to adverse business or economic developments. Securities of small-capitalization companies may experience much more
price volatility, greater spreads between their bid and ask prices, significantly lower trading volumes, and cyclical or static
growth prospects. Small-capitalization companies often have limited product lines, markets or financial resources, and may therefore
be more vulnerable to adverse developments than larger capitalization companies.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Technology
Stocks Risk</b>&#160;&#150; Stocks of companies involved in the technology sector may be very volatile.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">An
investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency. The value of an investment in the Fund will fluctuate and is subject to investment risks, which
means investors could lose money. The principal risks of investing in the Fund are listed below.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Derivatives
Risk</b>&#160;&#150; Derivatives may pose risks in addition to those associated with investing directly in securities or other
investments, including possible illiquidity of the derivative, limited ability to enter into or unwind a position, imperfect correlations
with underlying investments or the Fund&#146;s other portfolio holdings, leverage risk, lack of availability and the risk that
the counterparty may default on its obligations. If the Investment Manager is incorrect about its expectations of market conditions,
the use of derivatives could result in a loss, which in some cases may be unlimited.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Equity
Securities Risk</b>&#160;&#150; Equity securities include common stocks and other equity securities (and securities convertible
into stocks), and the prices of equity securities fluctuate in value more than other investments. They reflect changes in the issuing
company&#146;s financial condition and changes in the overall market. Common stocks generally represent the riskiest investment
in a company. The Fund may lose a substantial part, or even all, of its investment in a company&#146;s stock. Growth stocks may
be more volatile than value stocks.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Foreign
Securities Risk</b>&#160;&#150; Foreign securities, including investments in foreign securities through ADRs, carry additional
risks when compared to U.S. securities, including currency fluctuations, adverse political and economic developments, unreliable
or untimely information, less liquidity, limited legal recourse and higher transactional costs.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Investment
in Investment Vehicles Risk</b>&#160;&#150; Investing in other investment vehicles, including ETFs and other mutual funds, subjects
the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities
held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying
vehicles&#146; expenses.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Leverage
Risk</b>&#160;&#150; The Fund&#146;s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund
to be more volatile than if it had not been leveraged.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #333333"><b>Liquidity
and Valuation Risk</b>&#160;&#150; In certain circumstances, it may be difficult for the Fund to purchase and sell particular
investments within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes
of the Fund&#146;s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes
should be the price of the investment.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Management
Risk</b>&#160;&#150; The Fund is actively managed, which means that investment decisions are made based on investment views. There
is no guarantee that the investment views will be successful. Furthermore, active trading that can accompany active management,
also called &#147;high turnover,&#148; may have a negative impact on performance. Active trading may result in higher brokerage
costs or mark-up charges, which are ultimately passed on to shareholders of the Fund.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Market
Risk</b>&#160;&#150; The market value of the securities held by the Fund may fluctuate resulting from factors affecting the individual
company or other factors such as changing economic, political or financial market conditions.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Regulatory
and Legal Risk</b>&#160;&#150; U.S. and other regulators and governmental agencies may implement additional regulations and legislators
may pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation
applying to the Fund (such as regulations related to investments in derivatives). These may impact the investment strategies, performance,
costs and operations of the Fund or taxation of shareholders.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Restricted
Securities Risk</b>&#160;&#150; Restricted securities generally cannot be sold to the public and may involve a high degree of
business, financial and liquidity risk, which may result in substantial losses to the Fund.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Small-Capitalization
Securities Risk</b>&#160;&#150; The Fund is subject to the risk that small capitalization stocks may underperform other segments
of the equity market or the equity market as a whole. Small-capitalization companies may be more vulnerable than larger, more established
organizations to adverse business or economic developments. Securities of small-capitalization companies may experience much more
price volatility, greater spreads between their bid and ask prices, significantly lower trading volumes, and cyclical or static
growth prospects. Small-capitalization companies often have limited product lines, markets or financial resources, and may therefore
be more vulnerable to adverse developments than larger capitalization companies.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Technology
Stocks Risk</b>&#160;&#150; Stocks of companies involved in the technology sector may be very volatile.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Value
Stocks Risk</b>&#160;&#150; Value stocks are subject to the risk that the intrinsic value of the stock may never be realized by
the market or that the price goes down.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">An
investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency. The value of an investment in the Fund will fluctuate and is subject to investment risks, which
means investors could lose money. The principal risks of investing in the Fund are listed below.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Derivatives
Risk</b>&#160;&#150; Derivatives may pose risks in addition to those associated with investing directly in securities or other
investments, including possible illiquidity of the derivative, limited ability to enter into or unwind a position, imperfect correlations
with underlying investments or the Fund&#146;s other portfolio holdings, leverage risk, lack of availability and the risk that
the counterparty may default on its obligations. If the Investment Manager is incorrect about its expectations of market conditions,
the use of derivatives could result in a loss, which in some cases may be unlimited.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Equity
Securities Risk</b>&#160;&#150; Equity securities include common stocks and other equity securities (and securities convertible
into stocks), and the prices of equity securities fluctuate in value more than other investments. They reflect changes in the issuing
company&#146;s financial condition and changes in the overall market. Common stocks generally represent the riskiest investment
in a company. The Fund may lose a substantial part, or even all, of its investment in a company&#146;s stock. Growth stocks may
be more volatile than value stocks.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Foreign
Securities Risk</b>&#160;&#150; Foreign securities, including investments in foreign securities through ADRs, carry additional
risks when compared to U.S. securities, including currency fluctuations, adverse political and economic developments, unreliable
or untimely information, less liquidity, limited legal recourse and higher transactional costs.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Growth
Stocks Risk</b>&#160;&#150; Growth stocks typically invest a high portion of their earnings back into their business and may lack
the dividend yield that could cushion their decline in a market downturn. Growth stocks may be more volatile than other stocks
because they are more sensitive to investor perceptions regarding the growth potential of the issuing company.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Investment
in Investment Vehicles Risk</b>&#160;&#150; Investing in other investment vehicles, including ETFs and other mutual funds, subjects
the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities
held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying
vehicles&#146; expenses.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #333333"><b>Large-Capitalization
Securities Risk</b>&#160;&#150; The Fund is subject to the risk that large-capitalization stocks may underperform other segments
of the equity market or the equity market as a whole. Larger, more established companies may be unable to respond quickly to new
competitive challenges such as changes in technology and may not be able to attain the high growth rate of smaller companies, especially
during extended periods of economic expansion.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Leverage
Risk</b>&#160;&#150; The Fund&#146;s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund
to be more volatile than if it had not been leveraged.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Liquidity
and Valuation Risk</b>&#160;&#150; In certain circumstances, it may be difficult for the Fund to purchase and sell particular
investments within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes
of the Fund&#146;s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes
should be the price of the investment.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Management
Risk</b>&#160;&#150; The Fund is actively managed, which means that investment decisions are made based on investment views. There
is no guarantee that the investment views will be successful. Furthermore, active trading that can accompany active management,
also called &#147;high turnover,&#148; may have a negative impact on performance. Active trading may result in higher brokerage
costs or mark-up charges, which are ultimately passed on to shareholders of the Fund.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Market
Risk</b>&#160;&#150; The market value of the securities held by the Fund may fluctuate resulting from factors affecting the individual
company or other factors such as changing economic, political or financial market conditions.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Non-Diversification
Risk</b>&#160;&#150; The Fund is considered non-diversified because it invests a large portion of its assets in a small number
of issuers. As a result, the Fund is more susceptible to risks associated with those issuers than a more diversified portfolio,
and its performance may be more volatile.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Regulatory
and Legal Risk</b>&#160;&#150; U.S. and other regulators and governmental agencies may implement additional regulations and legislators
may pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation
applying to the Fund (such as regulations related to investments in derivatives). These may impact the investment strategies, performance,
costs and operations of the Fund or taxation of shareholders.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white"><font style="color: #333333"><b>Technology
Stocks Risk</b></font><font style="color: black">&#160;&#150; Stocks of companies involved in the technology sector may be very
volatile.</font></p><p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">An investment in the Fund is
not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could
lose money. The principal risks of investing in the Fund are listed below.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333"><font style="font: 8pt Times New Roman, Times, Serif"><b>Correlation
and Tracking Error Risk</b>&#160;<b>&#150;</b>&#160;A number of factors may affect the Fund&#146;s ability to track its benchmark
index or achieve a high degree of correlation with its benchmark either on a single trading day or for a longer time period. Factors
such as Fund expenses, imperfect correlation between the Fund&#146;s investments and those of its Underlying Index, rounding of
share prices, regulatory policies, high portfolio turnover rate and the use of leverage all contribute to tracking error or correlation
risk. There can be no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation
may prevent the Fund from achieving its investment objective.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333"><font style="font: 8pt Times New Roman, Times, Serif"><b>Capitalization
Securities Risk</b>&#160;<b>&#150;</b>&#160;The Fund&#146;s Underlying Index may be composed primarily of, or have significant
exposure to, securities in a particular capitalization range, e.g., large-, mid- or small-cap securities. As a result, the Fund
may be subject to the risk that the pre-dominate capitalization range represented in the Underlying Index may underperform other
segments of the equity market or the equity market as a whole.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333"><font style="font: 8pt Times New Roman, Times, Serif"><b>Currency
Risk&#160;&#150;</b>&#160;Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies
will decline in value relative to the U.S.&#160;Dollar, which would cause a decline in the U.S. value of the holdings of the Fund.
Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including
changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S.
or abroad.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333"><font style="font: 8pt Times New Roman, Times, Serif"><b>Depositary
Receipt Risk</b>&#160;<b>&#150;</b>&#160;The Fund may hold the securities of non-U.S. companies in the form of ADRs and GDRs.
The underlying securities of the ADRs and GDRs in the Fund&#146;s portfolio are subject to fluctuations in foreign currency exchange
rates that may affect the value of the Fund&#146;s portfolio. In addition, the value of the securities underlying the ADRs and
GDRs may change materially when the U.S. markets are not open for trading. Investments in the underlying foreign securities also
involve political and economic risks distinct from those associated with investing in the securities of U.S. issuers.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333"><font style="font: 8pt Times New Roman, Times, Serif"><b>Derivatives
Risk &#150;&#160;</b>Derivatives may pose risks in addition to those associated with investing directly in securities or other
investments, including possible illiquidity of the derivative, limited ability to enter into or unwind a position, imperfect correlations
with underlying investments or the Fund&#146;s other portfolio holdings, leverage risk, lack of availability and the risk that
the counterparty may default on its obligations. If the Investment Manager is incorrect about its expectations of market conditions,
the use of derivatives could result in a loss, which in some cases may be unlimited.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #333333"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #333333"><font style="font: 8pt Times New Roman, Times, Serif"><b>Equity
Securities Risk &#150;</b>&#160;Equity securities include common stocks and other equity securities (and securities convertible
into stocks), and the prices of equity securities fluctuate in value more than other investments. They reflect changes in the
issuing company&#146;s financial condition and changes in the overall market. Common stocks generally represent the riskiest investment
in a company. The Fund may lose a substantial part, or even all, of its investment in a company&#146;s stock. Growth stocks may
be more volatile than value stocks.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333"><font style="font: 8pt Times New Roman, Times, Serif"><b>Foreign
Securities Risk</b>&#160;<b>&#150;</b>&#160;Foreign securities carry additional risks when compared to U.S. securities, including
currency fluctuations, adverse political and economic developments, unreliable or untimely information, less liquidity, limited
legal recourse and higher transactional costs.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333"><font style="font: 8pt Times New Roman, Times, Serif"><b>Geographic
Focus Risk</b>&#160;<b>&#150;</b>&#160;To the extent that the Fund&#146;s investments are focused in a particular country or region,
the Fund will be susceptible to loss due to adverse market, political, regulatory, and geographic events affecting that country
or region. The Fund&#146;s exposure generally will be focused on a particular country or region to the same extent as the Underlying
Index. The Fund has focused investment exposure to the regions listed below.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0 33.95pt; text-align: justify; background-color: white; color: #333333"><font style="font: 8pt Times New Roman, Times, Serif"><b>Asia
&#150;&#160;</b>While certain Asian economies are exemplars of growth and development others have been and continue to be subject,
to some extent, to over-extension of credit, currency devaluations and restrictions, high unemployment, high inflation, decreased
exports and economic recessions.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0 33.95pt; text-align: justify; background-color: white; color: #333333"><font style="font: 8pt Times New Roman, Times, Serif"><b>Europe
&#150;</b>&#160;The European economy is diverse and includes both large, competitive economies and small, struggling economies.
The European economy is vulnerable to decreasing imports or exports, changes in governmental regulations on trade, changes in
the exchange rate of the euro and recessions in EU economies. The European financial markets have recently experienced volatility
due to concerns about rising government debt levels of several European countries and increased unemployment levels. Economic
uncertainty may have an adverse effect on the value of the Fund&#146;s investments.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333"><font style="font: 8pt Times New Roman, Times, Serif"><b>Investment
in Investment Vehicles Risk &#150;</b>&#160;Investing in other investment vehicles, including ETFs and other mutual funds, subjects
the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities
held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying
vehicles&#146; expenses.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333"><font style="font: 8pt Times New Roman, Times, Serif"><b>Leverage
Risk &#150;</b>&#160;The Fund&#146;s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund
to be more volatile than if it had not been leveraged.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333"><font style="font: 8pt Times New Roman, Times, Serif"><b>Liquidity
and Valuation Risk &#150;&#160;</b>In certain circumstances, it may be difficult for the Fund to purchase and sell particular
investments within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes
of the Fund&#146;s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes
should be the price of the investment.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333"><font style="font: 8pt Times New Roman, Times, Serif"><b>Market
Risk</b>&#160;<b>&#150;</b>&#160;The market value of the securities held by the Fund may fluctuate resulting from factors affecting
the individual company or other factors such as changing economic, political or financial market conditions.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333"><font style="font: 8pt Times New Roman, Times, Serif"><b>Passive
Investment/Index Strategy Risk</b>&#160;<b>&#150;</b>&#160;The Fund has an investment strategy that is designed to track the performance
of its Underlying Index and is not actively managed. The Investment Manager does not base its securities selection based upon
its view of the relative benefits and detriments of issuers or securities, and the Investment Manager does not attempt to purchase
or sell securities due to declining market prices or changes in an issuer of a security held by the Fund or otherwise take defensive
positions in declining markets. The Fund will purchase, hold or sell securities when an actively managed fund would not do so.
Therefore, the Fund may be subject to greater losses in a declining market than a fund that is actively managed.</font></p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><b>PERFORMANCE INFORMATION</b></p><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><b>PERFORMANCE INFORMATION </b></p><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><b>PERFORMANCE INFORMATION </b></p><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><b>PERFORMANCE INFORMATION </b></p><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><b>PERFORMANCE INFORMATION </b></p><p style="margin: 0pt">&#160;</p>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white"><b>PERFORMANCE
INFORMATION</b></font></p><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><b>PERFORMANCE INFORMATION </b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>PERFORMANCE
INFORMATION</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 7.8pt 0 0; text-align: justify; background-color: white"><b>PERFORMANCE
INFORMATION</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 7.8pt 0 0; text-align: justify; background-color: white"><b>PERFORMANCE
INFORMATION</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 7.8pt 0 0; text-align: justify"><b>PERFORMANCE INFORMATION</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 7.8pt 0 0; text-align: justify; background-color: white"><b>PERFORMANCE
INFORMATION</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>PERFORMANCE
INFORMATION</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">The following
chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s Class A share
performance from year to year and by showing how the Fund&#146;s average annual returns for one year, five years, and since inception
have compared to those of a broad measure of market performance. As with all mutual funds, past performance (before and after taxes)
is not necessarily an indication of how the Fund will perform in the future.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">The bar chart
does not reflect the impact of the sales charge applicable to Class A shares which, if reflected, would lower the returns shown.</p>
<p style="font: 3pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">&#160;</p>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; color: #333333">Effective August 18, 2008, certain changes
to Alpha Opportunity Fund&#146;s principal investment strategies, management fees and advisers were made.</p><p style="font: 8pt Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">The following chart
and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s Class A share performance
from year to year and by showing how the Fund&#146;s average annual returns for one, five, and ten years have compared to those
of broad measures of market performance. Performance prior to April 29, 2011 was achieved when the Fund had a different investment
objective and used different strategies. As with all mutual funds, past performance (before and after taxes) is not necessarily
an indication of how the Fund will perform in the future. Updated performance information is available on the Fund&#146;s website
at www.guggenheiminvestments.com or by calling 1-800-820-0888.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">The bar chart does not
reflect the impact of the sales charge applicable to Class A shares which, if reflected, would lower the returns shown.</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">The following
chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s Class&#160;A
share performance from year to year and by showing how the Fund&#146;s average annual returns for one, five, and ten years have
compared to those of a broad measure of market performance. As with all mutual funds, past performance (before and after taxes)
is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the
Fund&#146;s website at www.guggenheiminvestments.com or by calling 1-800-820-0888.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">The bar chart
does not reflect the impact of the sales charge applicable to Class&#160;A shares which, if reflected, would lower the returns
shown.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">RS Investment
Management Co. LLC served as the sub-adviser to the Fund from September&#160;30, 2002 to November&#160;24, 2008. Since then, advisory
services have been provided by the Investment Manager, and the Fund has new principal investment strategies.</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">The following
chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s Class&#160;A
share performance from year to year and by showing how the Fund&#146;s average annual returns for one, five, and ten years have
compared to those of a broad measure of market performance. As with all mutual funds, past performance (before and after taxes)
is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the
Fund&#146;s website at www.guggenheiminvestments.com or by calling 1-800-820-0888.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #333333">The bar chart does not
reflect the impact of the sales charge applicable to Class&#160;A shares which, if reflected, would lower the returns shown.</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">The following
chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s Class&#160;A
share performance from year to year and by showing how the Fund&#146;s average annual returns for the one year and since inception
periods have compared to those of a broad measure of market performance. As with all mutual funds, past performance (before and
after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available
on the Fund&#146;s website at www.guggenheiminvestments.com or by calling 1-800-820-0888.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">The bar chart
does not reflect the impact of the sales charge applicable to Class&#160;A shares which, if reflected, would lower the returns
shown.</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">The following
chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s performance
from year to year and by showing how the Fund&#146;s average annual returns for the one year and since inception periods have
compared to those of a broad measure of market performance. As with all mutual funds, past performance (before and after taxes)
is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the
Fund&#146;s website at www.guggenheiminvestments.com or by calling 1-800-820-0888.</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">The following
chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s Class&#160;A
share performance from year to year and by showing how the Fund&#146;s average annual returns for one, five, and ten years have
compared to those of a broad measure of market performance. As with all mutual funds, past performance (before and after taxes)
is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the
Fund&#146;s website at www.guggenheiminvestments.com or by calling 1-800-820-0888.</p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">The bar chart
does not reflect the impact of the sales charge applicable to Class&#160;A shares which, if reflected, would lower the returns
shown.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; color: #333333; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333"><font style="font: 8pt Times New Roman, Times, Serif">The
following chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s
Class&#160;A share performance from year to year and by showing how the Fund&#146;s average annual returns for one, five, and
ten years have compared to those of a broad measure of market performance. As with all mutual funds, past performance (before
and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information
is available on the Fund&#146;s website at www.guggenheiminvestments.com or by calling&#160;&#160;1-800-820-0888.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; color: #333333; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
bar chart does not reflect the impact of the sales charge applicable to Class A shares which, if reflected, would lower the returns
shown.</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; background-color: white; color: #333333">The
following chart and table provide some indication of the risks of investing in the Fund by showing changes in the performance
of the Fund&#146;s Class A shares from year to year and by showing how the Fund&#146;s average annual returns for the Fund&#146;s
Class A shares for one, five, and ten years have compared to those of a broad measure of market performance. As with all mutual
funds, past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Updated performance information is available on the Fund&#146;s website at www.guggenheiminvestments.com or by calling 1-800-820-0888.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">The bar chart does not
reflect the impact of the sales charge applicable to Class A shares which, if reflected, would lower the returns shown. Although
the table reflects the sales charge, Institutional Class shares are not subject to the sales charge.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">Because Institutional
Class shares have not operated for a full calendar year as of the date of this Prospectus, the figures shown provide performance
for Class A shares of the Fund. Class A shares are not offered in this Prospectus. Institutional Class shares would have substantially
similar returns as the Class A shares because Institutional Class shares represent interests in the same portfolio of securities.
Annual returns would differ only to the extent that Institutional Class shares have different expenses.</p><p style="font: 8pt Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">The following chart
and table provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund&#146;s
Class A shares from year to year and by showing how the Fund&#146;s average annual returns for the Fund&#146;s Class A shares
for one, five, and ten years have compared to those of a broad measure of market performance. As with all mutual funds, past performance
(before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information
is available on the Fund&#146;s website at www.guggenheiminvestments.com or by calling 1-800-820-0888.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">The bar chart does not
reflect the impact of the sales charge applicable to Class A shares which, if reflected, would lower the returns shown. Although
the table reflects the sales charge, Institutional Class shares are not subject to the sales charge.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">Because Institutional
Class shares have not operated for a full calendar year as of the date of this Prospectus, the figures shown provide performance
for Class A shares of the Fund. Class A shares are not offered in this Prospectus. Institutional Class shares would have substantially
similar returns as the Class A shares because Institutional Class shares represent interests in the same portfolio of securities.
Annual returns would differ only to the extent that Institutional Class shares have different expenses.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">RS Investment Management
Co. LLC served as the sub-adviser to the Fund from September 30, 2002 to November 24, 2008. Since then, advisory services have
been provided by the Investment Manager, and the Fund has new principal investment strategies.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">The following
chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s performance
from year to year and by showing how the Fund&#146;s average annual returns for the one year and since inception periods have
compared to those of a broad measure of market performance. As with all mutual funds, past performance (before and after taxes)
is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the
Fund&#146;s website at www.guggenheiminvestments.com or by calling&#160;1-800-820-0888.</p><p style="font: 8pt Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">The following chart
and table provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund&#146;s
Class A shares from year to year and by showing how the Fund&#146;s average annual returns for the Fund&#146;s Class A shares
for one, five, and ten years have compared to those of a broad measure of market performance. As with all mutual funds, past performance
(before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information
is available on the Fund&#146;s website at www.guggenheiminvestments.com or by calling 1-800-820-0888.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">The bar chart does not
reflect the impact of the sales charge applicable to Class A shares which, if reflected, would lower the returns shown. Although
the table reflects the sales charge, Institutional Class shares are not subject to the sales charge.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; color: #333333">Because Institutional
Class shares have not operated for a full calendar year as of the date of this Prospectus, the figures shown provide performance
for Class A shares of the Fund. Class A shares are not offered in this Prospectus. Institutional Class shares would have substantially
similar returns as the Class A shares because Institutional Class shares represent interests in the same portfolio of securities.
Annual returns would differ only to the extent that Institutional Class shares have different expenses.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.05pt 0 0; text-align: justify; background-color: white; color: #333333">The
following chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s
performance from year to year and by showing how the Fund&#146;s average annual returns for the one year and since inception periods
have compared to those of a broad measure of market performance. As with all mutual funds, past performance (before and after taxes)
is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the
Fund&#146;s website at www.guggenheiminvestments.com or by calling 1-800-820-0888.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">After-tax
returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not
reflect the impact of any state or local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ
from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class&#160;A only. After-tax returns for
Class&#160;B and C will vary.</p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">After-tax returns
shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect
the impact of any state or local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from
those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class&#160;A only. After-tax returns for
Class&#160;B and C will vary.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">After-tax
returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not
reflect the impact of any state or local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ
from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class&#160;A only. After-tax returns for
Class&#160;B and C will vary.</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">After-tax returns
shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect
the impact of any state or local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from
those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class&#160;A only. After-tax returns for
Class&#160;B and C will vary.</p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">After-tax returns
shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect
the impact of any state or local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from
those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class&#160;A only. After-tax returns for
Class&#160;C will vary.</p><p style="margin: 0; text-align: justify"><font style="font: 8pt Arial, Helvetica, Sans-Serif">After-tax returns shown in the
table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of
any state or local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown.
After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k)
plans or individual retirement accounts.</font></p><p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2.25pt 0 0; text-align: justify; color: #333333">After-tax returns
shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect
the impact of any state or local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from
those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class&#160;A only. After-tax returns for
Class&#160;B and C will vary.</p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; color: #333333"><font style="background-color: white">After-tax
returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not
reflect the impact of any state or local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ
from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class&#160;A only. After-tax returns for
Class&#160;B and C will vary.</font></p>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; color: #333333"></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; background-color: white; color: #333333">After-tax
returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not
reflect the impact of any state or local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ
from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; background-color: white; color: #333333">After-tax
returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not
reflect the impact of any state or local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ
from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.95pt 0 0; text-align: justify; color: #333333">After-tax returns
shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect
the impact of any state or local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from
those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts.</p><p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">After-tax returns shown in the table are calculated
using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local
taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown. After-tax returns
shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts.</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.05pt 0 0; text-align: justify; background-color: white; color: #333333">After-tax
returns for Class&#160;A shares shown in the table are calculated using the historical highest individual federal marginal income
tax rates and do not reflect the impact of any state or local taxes. Actual after-tax returns depend on an investor&#146;s tax
situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through
tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</p><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><b>AVERAGE ANNUAL TOTAL RETURNS (For the
periods ended December&#160;31, 2012) </b></p><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><b>AVERAGE ANNUAL TOTAL RETURNS (For the
periods ended December&#160;31, 2012) </b></p><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><b>AVERAGE ANNUAL TOTAL RETURNS (For the
periods ended December&#160;31, 2012) </b></p><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><b>AVERAGE ANNUAL TOTAL RETURNS (For the
periods ended December&#160;31, 2012) </b></p><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><b>AVERAGE ANNUAL TOTAL RETURNS (For the
periods ended December&#160;31, 2012) </b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0"><font style="font-size: 8pt"><b>AVERAGE ANNUAL TOTAL RETURNS
(for the periods ended December&#160;31, 2012)</b></font><b> </b></p><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify"><b>AVERAGE ANNUAL TOTAL RETURNS (For the
periods ended December&#160;31, 2012) </b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>AVERAGE
ANNUAL TOTAL RETURNS (for the periods ended December&#160;31, 2012)</b></font><b> </b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>AVERAGE ANNUAL
TOTAL RETURNS</b></p>
<p style="margin: 0">(For the periods ended December&#160;31, 2012)</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>AVERAGE ANNUAL
TOTAL RETURNS</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>(For the
periods ended December&#160;31, 2012)</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>AVERAGE ANNUAL TOTAL RETURNS</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(For the periods ended December&#160;31,
2012)</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>AVERAGE ANNUAL
TOTAL RETURNS</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>(for the
periods ended December&#160;31, 2012)</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 8.15pt 0 0; text-align: justify; background-color: white"><b>AVERAGE
ANNUAL TOTAL RETURNS</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>(For the
periods ended December&#160;31, 2012)</b></p><p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">H<font style="background-color: white">ighest
Quarterly Return</font></font></p><p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">H<font style="background-color: white">ighest
Quarterly Return</font></font></p><p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">H<font style="background-color: white">ighest
Quarterly Return</font></font></p><p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">H<font style="background-color: white">ighest
Quarterly Return</font></font></p><p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">H<font style="background-color: white">ighest
Quarterly Return</font></font></p><p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">H<font style="background-color: white">ighest
Quarterly Return</font></font></p><p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">H<font style="background-color: white">ighest
Quarterly Return</font></font></p><p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">H<font style="background-color: white">ighest
Quarterly Return</font></font></p><p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">H<font style="background-color: white">ighest
Quarterly Return</font></font></p><p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">H<font style="background-color: white">ighest
Quarterly Return</font></font></p><p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">H<font style="background-color: white">ighest
Quarterly Return</font></font></p><p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">H<font style="background-color: white">ighest
Quarterly Return</font></font></p><p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">H<font style="background-color: white">ighest
Quarterly Return</font></font></p><p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">Lowest
Quarterly Return</font></p><p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">Lowest
Quarterly Return</font></p><p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">Lowest
Quarterly Return</font></p><p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">Lowest
Quarterly Return</font></p><p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">Lowest
Quarterly Return</font></p><p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">Lowest
Quarterly Return</font></p><p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">Lowest
Quarterly Return</font></p><p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">Lowest
Quarterly Return</font></p><p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">Lowest
Quarterly Return</font></p><p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">Lowest
Quarterly Return</font></p><p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">Lowest
Quarterly Return</font></p><p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">Lowest
Quarterly Return</font></p><p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">Lowest
Quarterly Return</font></p>0.18700.20770.27570.16220.31140.24000.27210.16380.16380.27570.31340.16220.1260-0.2265-0.1828-0.2611-0.1983-0.2095-0.1986-0.2021-0.2203-0.2203-0.2611-0.2091-0.1983-0.08262010-09-302003-06-302003-06-302009-09-302009-06-302009-06-302003-06-302009-09-302009-09-302003-06-302009-06-302009-09-302012-03-312008-12-312011-09-302008-12-312008-12-312011-09-302011-09-302008-12-312008-12-312008-12-312008-12-312011-09-302008-12-312012-06-30<p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #333333">www.rydex-sgi.com</p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">www.guggenheiminvestments.com</p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">www.guggenheiminvestments.com</p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">www.guggenheiminvestments.com</p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">www.guggenheiminvestments.com</p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">www.guggenheiminvestments.com</p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">www.guggenheiminvestments.com</p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">www.guggenheiminvestments.com</p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">www.guggenheiminvestments.com</p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">www.guggenheiminvestments.com</p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">www.guggenheiminvestments.com</p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">www.guggenheiminvestments.com</p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">www.guggenheiminvestments.com</p><p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #333333"><font style="font-size: 8pt">1-800-820-0888</font></p><p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #333333"><font style="font-size: 8pt">1-800-820-0888</font></p><p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #333333"><font style="font-size: 8pt">1-800-820-0888</font></p><p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #333333"><font style="font-size: 8pt">1-800-820-0888</font></p><p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #333333"><font style="font-size: 8pt">1-800-820-0888</font></p><p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #333333"><font style="font-size: 8pt">1-800-820-0888</font></p><p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #333333"><font style="font-size: 8pt">1-800-820-0888</font></p><p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #333333"><font style="font-size: 8pt">1-800-820-0888</font></p><p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #333333"><font style="font-size: 8pt">1-800-820-0888</font></p><p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #333333"><font style="font-size: 8pt">1-800-820-0888</font></p><p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #333333"><font style="font-size: 8pt">1-800-820-0888</font></p><p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #333333"><font style="font-size: 8pt">1-800-820-0888</font></p><p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #333333"><font style="font-size: 8pt">1-800-820-0888</font></p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">You may qualify for
sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Family of Funds,
as defined on page&#160;16 of the Fund&#146;s prospectus.</p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">You may qualify for
sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Family of Funds,
as defined on page&#160;35 of the Fund&#146;s prospectus.</p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">You may qualify for
sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Family of Funds,
as defined on page&#160;39 of the Fund&#146;s prospectus.</p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">You may qualify for
sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Family of Funds,
as defined on page&#160;39 of the Fund&#146;s prospectus.</p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">You may qualify for
sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Family of Funds,
as defined on page&#160;39 of the Fund&#146;s prospectus.</p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">You may qualify for
sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Family of Funds,
as defined on page&#160;39 of the Fund&#146;s prospectus.</p><p style="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #333333">You may qualify for
sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Family of Funds,
as defined on page&#160;39 of the Fund&#146;s prospectus.</p>1000001000001000001000001000001000001000007.070.410.821.840.620.330.191.011.010.820.621.840.412003-07-072003-07-072003-07-072008-07-142008-07-142008-07-142008-07-142008-07-142008-07-142008-07-142008-07-142008-07-142008-07-142008-07-142008-07-142008-07-142003-07-072003-07-072008-07-112003-07-072011-05-022011-05-022011-05-022011-05-020.00000.050.010.00000.050.010.00000.050.010.00000.050.010.00000.050.010.00000.050.010.000.010.00000.00000.00000.00000.00000.00000.00000.04750.00000.00000.04750.00000.00000.04750.00000.00000.04750.00000.00000.04750.00000.00000.04750.00000.00000.04750.00000.00000.00000.00000.00000.00000.00000.00000.02210.02960.02960.01630.02380.02380.01350.02100.02100.01360.02110.01110.01960.01360.0110-0.0078-0.0091-0.0084-0.0042-0.0096-0.0050-0.0051-0.0104-0.0047-0.0084-0.0065-0.0039-0.0072-0.0054-0.00300.01360.02590.02220.02990.03870.03800.02050.03340.02880.01520.02390.02230.02200.03810.02940.01860.03140.02570.02200.02760.01070.01120.01500.02680.01900.01800.01400.00060.00060.00060.00010.00010.00010.00060.00060.00060.00060.00010.00360.00840.00470.01490.01620.01550.01100.01640.01180.00420.00540.00380.01090.01950.01080.00860.01390.00820.00890.00700.00260.00370.00440.01430.01200.00940.00650.00250.01000.01000.00250.01000.01000.00250.01000.01000.00250.01000.01000.00250.01000.01000.00250.01000.01000.00250.01000.00000.00000.00000.00000.00000.00000.00000.00750.00750.00750.01250.01250.01250.00700.00700.00700.00790.00790.00790.00850.00850.00850.00750.00750.00750.01000.01000.00750.00750.01000.01250.00700.00850.00750.01390.01520.01450.01080.01620.01160.01330.00020.00020.00022032262425543574384839832709339531692201251025652889369432612512307728702826304313061363175729602178211616541184157511901907211518881489185814741265147511951599216215481388175413231525140259061778113569769757378851105694128613981084104912388459321045697113014649109851171755105479534035643676454556641460776232568879939963374134162274232668788339760671331360731410911411319913818311220322624255435743848398327093395316922012510256528893694326125123077287028263043296011841375119019071915188814891658147412651275119515991962154813881554132315251402135688580569412861098108410499388459327456971130116491098587175510547957646072622256882992996332412416222422266873832976062132136072141990.1240.14000.15900.1670.10600.10700.18700.17600.12400.19000.16230.10600.1070-0.0440.0390-0.1600-0.072-0.0270-0.0440-0.0560-0.0760-0.0440-0.0530-0.0270-0.04400.1560.23500.14900.1670.27700.16200.21600.17200.15600.21900.27700.16200.2880.24600.19800.4030.32900.33400.61000.41800.28800.61400.32900.3340-0.376-0.3510-0.3820-0.272-0.4800-0.3740-0.3760-0.4800-0.3740-0.0510.18100.11200.010.0480-0.0640-0.05100.0480-0.06400.120.12400.16600.1490.04600.06500.12000.04600.06500.0380.07100.13100.1570.0670.11700.03800.06700.11700.0740.12300.18000.2680.16100.10900.07400.16100.10900.2090.41600.5180.55100.16900.20900.55100.1690<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>Alpha Opportunity
Fund</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>MSCI EAFE
Equal Weight Fund</b></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><b>Small Cap Growth Fund</b></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><b>Large Cap Concentrated Growth Fund</b></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><b>Small Cap Value Fund</b></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><b>Mid Cap Value Institutional Fund</b></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><b>Mid Cap Value Fund</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>Large Cap
Core Fund</b></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Large Cap Core Institutional Fund</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>Small Cap
Growth Institutional Fund</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Small Cap Value Institutional Fund</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>Large Cap
Concentrated Growth Institutional Fund</b></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>MSCI EAFE
Equal Weight Institutional Fund</b></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; color: #333333"><font style="background-color: white">The
above Examples reflect applicable contractual fee waiver/expense reimbursement arrangements for the duration of the arrangements
only.</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; color: #333333"><font style="background-color: white">The
above Examples reflect applicable contractual fee waiver/expense reimbursement arrangements for the duration of the arrangements
only.</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; background-color: white; color: #333333"><font style="background-color: white">The
above Examples reflect applicable contractual fee waiver/expense reimbursement arrangements for the duration of the arrangements
only.</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; background-color: white; color: #333333"><font style="background-color: white">The
above Examples reflect applicable contractual fee waiver/expense reimbursement arrangements for the duration of the arrangements
only.</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; color: #333333">The above Examples reflect applicable
contractual fee waiver/expense reimbursement arrangements for the duration of the arrangements only.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; color: #333333">The above Examples
reflect applicable contractual fee waiver/expense reimbursement arrangements for the duration of the arrangements only.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3.9pt 0 0; text-align: justify; background-color: white; color: #333333">The
above Examples reflect applicable contractual fee waiver/expense reimbursement arrangements for the duration of the arrangements
only.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333">The
above Examples reflect applicable contractual fee waiver/expense reimbursement arrangements for the duration of the arrangements
only.</p><table cellspacing="0" cellpadding="0" style="width: 100%; background-color: white; border-collapse: collapse">
<tr>
<td style="vertical-align: top">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-align: justify; text-indent: -12pt; color: #333333">Highest
Quarter Return</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0.75pt 12pt; text-align: justify; text-indent: -12pt; color: #333333">3Q
2010 18.70%</p></td>
<td style="vertical-align: bottom; font: 8pt/115% Times New Roman, Times, Serif; text-align: justify">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">Lowest Quarter Return</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: justify; color: #333333">4Q 2008 -22.65%</p></td></tr>
</table><table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<tr>
<td style="vertical-align: top; padding-left: 12pt; line-height: 115%; color: #333333; text-align: justify; text-indent: -12pt">Highest Quarter Return</td>
<td style="vertical-align: bottom; line-height: 115%; text-align: justify">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; line-height: 115%; color: #333333; text-align: justify">Lowest Quarter Return</td></tr>
<tr>
<td style="vertical-align: top; padding-left: 12pt; line-height: 115%; color: #333333; text-align: justify; text-indent: -12pt">2Q 2003 20.77%</td>
<td style="vertical-align: bottom; line-height: 115%; text-align: justify">&#160;</td>
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</table><table cellspacing="0" cellpadding="0" style="width: 100%; background-color: white; border-collapse: collapse">
<tr>
<td style="vertical-align: top">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-align: justify; text-indent: -12pt; color: #333333">Highest
Quarter Return</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0.75pt 12pt; text-align: justify; text-indent: -12pt; color: #333333">2Q
2003 27.57%</p></td>
<td style="vertical-align: bottom; font: 8pt/115% Times New Roman, Times, Serif; text-align: justify">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">Lowest Quarter Return</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: justify; color: #333333">4Q 2008 -26.11%</p></td></tr>
</table><table cellspacing="0" cellpadding="0" style="width: 100%; background-color: white; border-collapse: collapse">
<tr>
<td style="vertical-align: top">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-align: justify; text-indent: -12pt; color: #333333">Highest
Quarter Return</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0.75pt 12pt; text-align: justify; text-indent: -12pt; color: #333333">3Q
2009 16.22%</p></td>
<td style="vertical-align: bottom; font: 8pt/115% Times New Roman, Times, Serif; text-align: justify">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">Lowest Quarter Return</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: justify; color: #333333">4Q 2008 -19.83%</p></td></tr>
</table><table cellspacing="0" cellpadding="0" style="width: 100%; background-color: white; border-collapse: collapse">
<tr>
<td style="vertical-align: top">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-align: justify; text-indent: -12pt; color: #333333">Highest
Quarter Return</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0.75pt 12pt; text-align: justify; text-indent: -12pt; color: #333333">2Q
2009 31.14%</p></td>
<td style="vertical-align: bottom; font: 8pt/115% Times New Roman, Times, Serif; text-align: justify">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">Lowest Quarter Return</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: justify; color: #333333">3Q 2011 -20.95%</p></td></tr>
</table><table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<tr>
<td style="vertical-align: top; padding-left: 12pt; line-height: 115%; color: #333333; text-align: justify; text-indent: -12pt">Highest Quarter Return</td>
<td style="vertical-align: bottom; line-height: 115%; text-align: justify">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; line-height: 115%; color: #333333; text-align: justify">Lowest Quarter Return</td></tr>
<tr>
<td style="vertical-align: top; padding-left: 12pt; line-height: 115%; color: #333333; text-align: justify; text-indent: -12pt">2Q 2009 24.00%</td>
<td style="vertical-align: bottom; line-height: 115%; text-align: justify">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; line-height: 115%; color: #333333; text-align: justify">3Q 2011 -19.86%</td></tr>
</table><table cellspacing="0" cellpadding="0" style="width: 100%; background-color: white; border-collapse: collapse">
<tr>
<td style="vertical-align: top">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-align: justify; text-indent: -12pt; color: #333333">Highest
Quarter Return</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0.75pt 12pt; text-align: justify; text-indent: -12pt; color: #333333">2Q
2003 27.21%</p></td>
<td style="vertical-align: bottom; font: 8pt/115% Times New Roman, Times, Serif; text-align: justify">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">Lowest Quarter Return</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: justify; color: #333333">4Q 2008 -20.21%</p></td></tr>
</table><table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<tr>
<td style="vertical-align: top; padding-left: 12pt; line-height: 115%; color: #333333; text-indent: -12pt">Highest Quarter Return</td>
<td style="vertical-align: bottom; line-height: 115%">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; line-height: 115%; color: #333333; text-align: right">Lowest Quarter Return</td></tr>
<tr>
<td style="vertical-align: top; padding-left: 12pt; line-height: 115%; color: #333333; text-indent: -12pt">3Q 2009 16.38%</td>
<td style="vertical-align: bottom; line-height: 115%">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; line-height: 115%; color: #333333; text-align: right">4Q 2008 -22.03%</td></tr>
</table><table cellspacing="0" cellpadding="0" style="width: 100%; background-color: white; border-collapse: collapse; font-size: 11pt">
<tr>
<td style="vertical-align: top; padding-left: 12pt; line-height: 115%; font-family: Calibri, Helvetica, Sans-Serif; color: #333333; text-indent: -12pt"><font style="font: 8pt Times New Roman, Times, Serif; color: #333333">Highest
Quarter Return</font></td>
<td style="vertical-align: bottom; line-height: 115%; font-family: Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; line-height: 115%; font-family: Calibri, Helvetica, Sans-Serif; color: #333333; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif; color: #333333">Lowest
Quarter Return</font></td></tr>
<tr>
<td style="vertical-align: top; padding-left: 12pt; line-height: 115%; font-family: Calibri, Helvetica, Sans-Serif; color: #333333; text-indent: -12pt"><font style="font: 8pt Times New Roman, Times, Serif; color: #333333">3Q
2009 16.38%</font></td>
<td style="vertical-align: bottom; line-height: 115%; font-family: Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; line-height: 115%; font-family: Calibri, Helvetica, Sans-Serif; color: #333333; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif; color: #333333">4Q
2008 -22.03%</font></td></tr>
</table><table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<tr>
<td style="vertical-align: top; padding-left: 12pt; line-height: 115%; color: #333333; text-align: center">Highest Quarter Return</td>
<td style="vertical-align: bottom; line-height: 115%; text-align: center">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; line-height: 115%; color: #333333; text-align: center">Lowest Quarter Return</td></tr>
<tr>
<td style="vertical-align: top; padding-left: 12pt; line-height: 115%; color: #333333; text-align: center">2Q 2003 27.57%</td>
<td style="vertical-align: bottom; line-height: 115%; text-align: center">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; line-height: 115%; color: #333333; text-align: center">4Q 2008 -26.11%</td></tr>
</table><table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: top; padding-left: 12pt; line-height: 115%; color: #333333; text-align: center">Highest Quarter Return</td>
<td style="vertical-align: bottom; line-height: 115%; text-align: center">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; line-height: 115%; color: #333333; text-align: center">Lowest Quarter Return</td></tr>
<tr>
<td style="vertical-align: top; padding-left: 12pt; line-height: 115%; color: #333333; text-align: center">2Q 2009 31.34%</td>
<td style="vertical-align: bottom; line-height: 115%; text-align: center">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; line-height: 115%; color: #333333; text-align: center">3Q 2011 -20.91%</td></tr>
</table><table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<tr>
<td style="vertical-align: top; padding-left: 12pt; line-height: 115%; color: #333333; text-align: center">Highest Quarter Return</td>
<td style="vertical-align: bottom; line-height: 115%; text-align: center">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; line-height: 115%; color: #333333; text-align: center">Lowest Quarter Return</td></tr>
<tr>
<td style="vertical-align: top; padding-left: 12pt; line-height: 115%; color: #333333; text-align: center">3Q 2009&#160;16.22%</td>
<td style="vertical-align: bottom; line-height: 115%; text-align: center">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; line-height: 115%; color: #333333; text-align: center">4Q 2008&#160;-19.83%</td></tr>
</table><table cellspacing="0" cellpadding="0" style="width: 100%; background-color: white; border-collapse: collapse">
<tr>
<td style="vertical-align: top; text-align: center">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: #333333">Highest
Quarter Return</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.7pt; text-align: center; color: #333333">1Q
2012&#160;&#160;&#160;&#160;12.60%</p></td>
<td style="vertical-align: bottom; font: 8pt/115% Times New Roman, Times, Serif; text-align: center">&#160;</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: center">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: #333333">Lowest Quarter Return</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.7pt; text-align: center; color: #333333">2Q 2012&#160;&#160;&#160;&#160;-8.26%</p></td></tr>
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period compact * column dei_DocumentInformationDocumentAxis compact sef_ProspectusTwoMember column dei_LegalEntityAxis compact sef_S000008810Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_DocumentInformationDocumentAxis compact sef_ProspectusTwoMember column dei_LegalEntityAxis compact sef_S000022641Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_DocumentInformationDocumentAxis compact sef_ProspectusTwoMember column dei_LegalEntityAxis compact sef_S000008812Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_DocumentInformationDocumentAxis compact 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A Return Before Taxes</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Class
B Return before taxes</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Class
C Return before taxes</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Class
A Return Before Taxes</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Class
B Return before taxes</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Class
C Return before taxes</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Class
A Return Before Taxes</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Class
B Return before taxes</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Class
C Return before taxes</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Class
A Return Before Taxes</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Class
B Return before taxes</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Class
C Return before taxes</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Class
A Return Before Taxes</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Class
B Return before taxes</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Class
C Return before taxes</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Class
A Return Before Taxes</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Class
B Return before taxes</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Class
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A Return Before Taxes</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Class
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Fund Return Before Taxes</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Class
A Return after taxes on distributions</font></p><p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt/115% Times New Roman, Times, Serif; color: black; background-color: white">Class
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A Return after taxes on distributions</font></p><p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt/115% Times New Roman, Times, Serif; color: black; background-color: white">Class
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A Return after taxes on distributions</font></p><p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt/115% Times New Roman, Times, Serif; color: black; background-color: white">Class
A Return after taxes on distributions and sale of fund shares</font>&#9;</p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Russell
2000 Growth Index</font>&#160;<font style="background-color: white">(reflects no deductions for fees, expenses or taxes)</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Class
A Return after taxes on distributions</font></p><p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt/115% Times New Roman, Times, Serif; color: black; background-color: white">Class
A Return after taxes on distributions and sale of fund shares</font>&#9;</p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Russell
2000 Value Index</font>&#160;<font style="background-color: white">(reflects no deductions for fees, expenses or taxes)</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Class
A Return after taxes on distributions</font></p><p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt/115% Times New Roman, Times, Serif; color: black; background-color: white">Class
A Return after taxes on distributions and sale of fund shares</font>&#9;</p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Russell
1000 Growth Index</font>&#160;<font style="background-color: white">(reflects no deductions for fees, expenses or taxes)</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Class
A Return Before Taxes</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Class
A Return after taxes on distributions</font></p><p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt/115% Times New Roman, Times, Serif; color: black; background-color: white">Class
A Return after taxes on distributions and sale of fund shares</font>&#9;</p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">S&#38;P
500 Index</font>&#160;<font style="background-color: white">(reflects no deductions for fees, expenses or taxes)</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Institutional
Fund Return after taxes on distributions</font></p><p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt/115% Times New Roman, Times, Serif; color: black; background-color: white">Institutional
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2500 Value Index</font>&#160;<font style="background-color: white">(reflects no deductions for fees, expenses or taxes)</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Class
A Return Before Taxes</font></p><p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt/115% Times New Roman, Times, Serif; color: black; background-color: white">Class
A Return after taxes on distributions and sale of fund shares</font>&#9;</p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Class
A Return after taxes on distributions</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Russell
2000 Growth Index</font>&#160;<font style="background-color: white">(reflects no deductions for fees, expenses or taxes)</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Institutional
Fund Return Before Taxes</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Institutional
Fund Return after taxes on distributions</font></p><p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt/115% Times New Roman, Times, Serif; color: black; background-color: white">Institutional
Fund Return after taxes on distributions and sale of fund shares</font>&#9;</p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Russell
2000 Value Index</font>&#160;<font style="background-color: white">(reflects no deductions for fees, expenses or taxes)</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Class
A Return Before Taxes</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Class
A Return after taxes on distributions</font></p><p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt/115% Times New Roman, Times, Serif; color: black; background-color: white">Class
A Return after taxes on distributions and sale of fund shares</font>&#9;</p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Russell
1000 Growth Index</font>&#160;<font style="background-color: white">(reflects no deductions for fees, expenses or taxes)</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Class
A Return after taxes on distributions</font></p><p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt/115% Times New Roman, Times, Serif; color: black; background-color: white">Class
A Return after taxes on distributions and sale of fund shares</font>&#9;</p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Institutional
Class Return Before Taxes</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">S&#38;P
500 Index&#160;(reflects no deductions for fees, expenses or taxes)</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Class
A Return after taxes on distributions</font></p><p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt/115% Times New Roman, Times, Serif; color: black; background-color: white">Class
A Return after taxes on distributions and sale of fund shares</font>&#9;</p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">MSCI
EAFE Equal Weighted Index</font>&#160;<font style="background-color: white">(reflects no deductions for fees, expenses or taxes)</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Institutional
Fund Return Before Taxes</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">Institutional
Fund Return after taxes on distributions</font></p><p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt/115% Times New Roman, Times, Serif; color: black; background-color: white">Institutional
Fund Return after taxes on distributions and sale of fund shares</font>&#9;</p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="background-color: white">MSCI
EAFE Equal Weighted Gross Index</font>&#160;<font style="background-color: white">(reflects no deductions for fees, expenses or
taxes)</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund pursues its objective by investing, under normal market conditions, approximately (1)&#160;37.5% of its total assets according
to a long/short strategy with an emphasis on securities of domestic issuers managed by Mainstream Investment Advisers, LLC (&#147;Mainstream&#148;
and the &#147;Domestic Long/Short Sub-Portfolio&#148;), the Fund&#146;s sub-adviser, (2)&#160;37.5% of its total assets, managed
directly by Security Investors, LLC, also known as Guggenheim Investments (the &#147;Investment Manager&#148;), according to
a long/short strategy with an emphasis on securities of non-U.S. issuers (the &#147;Global Long/Short Sub-Portfolio&#148;), and
(3)&#160;25% of its total assets, also managed directly by the Investment Manager, in a portfolio of equity securities, equity
derivatives and fixed income securities (the &#147;Indexed Sub-Portfolio&#148;) that is intended to closely track the performance
of the S&#38;P 500 Composite Stock Price Index (the &#147;S&#38;P 500 Index&#148;), which consists of common stocks representing
approximately two-thirds of the total market value of all U.S. common stocks.</p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; color: #333333">Under normal circumstances,
the Fund will invest at least 80% of its assets (net assets, plus the amount of any borrowing for investment purposes) in the equity
securities included in the Underlying Index. The Fund may hold up to 20% of its assets in securities not included in or representative
of the Underlying Index. The Investment Manager expects that, over time, if the Fund has sufficient assets, the correlation between
the Fund&#146;s performance, before fees and expenses, and that of the Underlying Index will be 95% or better. A figure of 100%
would indicate perfect correlation. However, fees and expenses incurred by the Fund as well as the size and frequency of cash flows
into and out of the Fund as well as other factors will cause differences in performance, usually making it harder for the Fund
to correlate to the Underlying Index.</p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The Fund pursues its investment
objective by investing, under normal circumstances, at least 80% of its assets (net assets, plus the amount of any borrowing for
investment purposes) in equity securities, which include common and preferred stocks, warrants and securities convertible into
common or preferred stocks, of companies that, when purchased, have market capitalizations that are usually within the range of
companies in the Russell 2500 Growth Index.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The Fund pursues its objective
by investing, under normal market conditions, at least 80% of its assets (net assets, plus the amount of any borrowing for investment
purposes) in equity securities, which include common stocks, rights, options, warrants, convertible debt securities, and American
Depositary Receipts (&#147;ADRs&#148;), of companies that, when purchased, have market capitalizations that are usually within
the range of companies in the Russell 1000 Growth Index.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The Fund pursues its objective
by investing, under normal market conditions, at least 80% of its assets (net assets, plus the amount of any borrowing for investment
purposes) in a diversified portfolio of equity securities, which include common stocks, rights, options, warrants, convertible
debt securities, and American Depositary Receipts (&#147;ADRs&#148;), that, when purchased, have market capitalizations that
are usually within the range of companies in the Russell 2000 Value Index.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The Fund pursues its objective
by investing, under normal market conditions, at least 80% of its assets (net assets, plus the amount of any borrowing for investment
purposes) in a diversified portfolio of equity securities, which include common stocks, rights, options, warrants, convertible
debt securities, and American Depositary Receipts (&#147;ADRs&#148;), that, when purchased, have market capitalizations that
are usually within the range of companies in the Russell 2500 Value Index.</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund pursues its objective by investing, under normal market conditions, at least 80% of its assets (net assets, plus the amount
of any borrowing for investment purposes) in a diversified portfolio of equity securities, which include common stocks, rights,
options, warrants, convertible debt securities, and American Depositary Receipts (&#147;ADRs&#148;), that, when purchased, have
market capitalizations that are usually within the range of companies in the Russell 2500 Value Index. Although a universal definition
of mid-capitalization companies does not exist, the Fund generally defines mid-capitalization companies as those whose market capitalization
is similar to the market capitalization of companies in the Russell 2500 Value Index, which is an unmanaged index that measures
the performance of securities of small-to-mid cap U.S. companies with greater-than-average value orientation. As of December&#160;31,
2012, the index consisted of securities of companies with capitalizations that ranged from $30 million to $10 billion.</p>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">&#160;</p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The Fund pursues its objective
by investing, under normal market conditions, at least 80% of its assets (net assets, plus the amount of any borrowing for investment
purposes) in a widely-diversified portfolio of equity securities, which may include common stocks, rights, options, warrants,
American Depositary Receipts (&#147;ADRs&#148;) and convertible securities, of companies that, when purchased, have market capitalizations
that are usually within the range of companies in the S&#38;P 500 Index.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The Fund pursues its objective
by investing, under normal market conditions, at least 80% of its assets (net assets, plus the amount of any borrowing for investment
purposes) in a widely-diversified portfolio of equity securities, which may include common stocks, rights, options, warrants,
American Depositary Receipts (&#147;ADRs&#148;) and convertible securities, of companies that, when purchased, have market capitalizations
that are usually within the range of companies in the S&#38;P 500 Index.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The Fund pursues its investment objective by investing,
under normal circumstances, at least 80% of its assets (net assets, plus the amount of any borrowing for investment purposes)
in equity securities, which include common and preferred stocks, warrants and securities convertible into common or preferred
stocks, of companies that, when purchased, have market capitalizations that are usually within the range of companies in the Russell
2500 Growth Index.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The Fund pursues its objective
by investing, under normal market conditions, at least 80% of its assets (net assets, plus the amount of any borrowing for investment
purposes) in a diversified portfolio of equity securities, which include common stocks, rights, options, warrants, convertible
debt securities, and American Depositary Receipts (&#147;ADRs&#148;) that, when purchased, have market capitalizations that
are usually within the range of companies in the Russell 2000 Value Index.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The Fund pursues its objective
by investing, under normal market conditions, at least 80% of its assets (net assets, plus the amount of any borrowing for investment
purposes) in equity securities, which include common stocks, rights, options, warrants, convertible debt securities, and American
Depositary Receipts (&#147;ADRs&#148;), of companies that, when purchased, have market capitalizations that are usually within
the range of companies in the Russell 1000 Growth Index.</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; color: #333333">Under normal circumstances,
the Fund will invest at least 80% of its assets (net assets, plus the amount of any borrowing for investment purposes) in the equity
securities included in the Underlying Index. The Fund may hold up to 20% of its assets in securities not included in or representative
of the Underlying Index.</p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">An investment in the Fund is not
a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">An investment in the Fund is not
a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">An investment in the Fund is not
a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">An investment in the Fund is not
a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">An investment in the Fund is not
a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">An investment in the Fund is not
a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">An investment in the Fund is not
a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">An investment in the Fund is not
a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">An investment in the Fund is not
a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">An investment in the Fund is not
a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">An investment in the Fund is not
a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">An investment in the Fund is not
a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">An investment in the Fund is not
a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p><p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will
fluctuate and is subject to investment risks, which means investors could lose money.</font></p><p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will
fluctuate and is subject to investment risks, which means investors could lose money.</font></p><p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will
fluctuate and is subject to investment risks, which means investors could lose money.</font></p><p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will
fluctuate and is subject to investment risks, which means investors could lose money.</font></p><p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will
fluctuate and is subject to investment risks, which means investors could lose money.</font></p><p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will
fluctuate and is subject to investment risks, which means investors could lose money.</font></p><p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will
fluctuate and is subject to investment risks, which means investors could lose money.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in
the Fund will fluctuate and is subject to investment risks, which means investors could lose money.</font></p><p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will
fluctuate and is subject to investment risks, which means investors could lose money.</font></p><p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will
fluctuate and is subject to investment risks, which means investors could lose money.</font></p><p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will
fluctuate and is subject to investment risks, which means investors could lose money.</font></p><p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will
fluctuate and is subject to investment risks, which means investors could lose money.</font></p><p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will
fluctuate and is subject to investment risks, which means investors could lose money.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The following chart and table
provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s Class&#160;A share performance
from year to year and by showing how the Fund&#146;s average annual returns for one year, five years, and since inception have
compared to those of a broad measure of market performance.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The following chart and table
provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s Class&#160;A share performance
from year to year and by showing how the Fund&#146;s average annual returns for one, five, and ten years have compared to those
of broad measures of market performance.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The following chart and table
provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s Class&#160;A share performance
from year to year and by showing how the Fund&#146;s average annual returns for one, five, and ten years have compared to those
of a broad measure of market performance.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The following chart and table
provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s Class&#160;A share performance
from year to year and by showing how the Fund&#146;s average annual returns for one, five, and ten years have compared to those
of a broad measure of market performance.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The following chart and table
provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s Class&#160;A share performance
from year to year and by showing how the Fund&#146;s average annual returns for the one year and since inception periods have
compared to those of a broad measure of market performance.</font></p><p style="margin: 0; text-align: justify"><font style="font-size: 8pt">The following chart and table provide some indication of
the risks of investing in the Fund by showing changes in the Fund&#146;s performance from year to year and by showing how the
Fund&#146;s average annual returns for the one year and since inception periods have compared to those of a broad measure of
market performance.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The following chart and table
provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s Class&#160;A share performance
from year to year and by showing how the Fund&#146;s average annual returns for one, five, and ten years have compared to those
of a broad measure of market performance.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The following chart and table
provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s Class&#160;A share performance
from year to year and by showing how the Fund&#146;s average annual returns for one, five, and ten years have compared to those
of a broad measure of market performance.</font></p><p style="margin: 0; text-align: justify"><font style="font-size: 8pt">The following chart and table provide some indication of
the risks of investing in the Fund by showing changes in the performance of the Fund&#146;s Class&#160;A shares from year to
year and by showing how the Fund&#146;s average annual returns for the Fund&#146;s Class&#160;A shares for one, five, and ten
years have compared to those of a broad measure of market performance.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The following chart and table
provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund&#146;s Class&#160;A
shares from year to year and by showing how the Fund&#146;s average annual returns for the Fund&#146;s Class&#160;A shares for
one, five, and ten years have compared to those of a broad measure of market performance.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The following chart and table provide some indication
of the risks of investing in the Fund by showing changes in the Fund&#146;s performance from year to year and by showing how
the Fund&#146;s average annual returns for the one year and since inception periods have compared to those of a broad measure
of market performance.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The following chart and table
provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund&#146;s Class&#160;A
shares from year to year and by showing how the Fund&#146;s average annual returns for the Fund&#146;s Class&#160;A shares for
one, five, and ten years have compared to those of a broad measure of market performance.</font></p><p style="margin: 0; text-align: justify"><font style="font-size: 8pt">The following chart and table provide some indication of
the risks of investing in the Fund by showing changes in the Fund&#146;s performance from year to year and by showing how the
Fund&#146;s average annual returns for the one year and since inception periods have compared to those of a broad measure of
market performance.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As with all mutual funds, past
performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</font></p><p style="margin: 0; text-align: justify"><font style="font-size: 8pt">As with all mutual funds, past performance (before and
after taxes) is not necessarily an indication of how the Fund will perform in the future.</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">As with all mutual funds, past performance (before
and after taxes) is not necessarily an indication of how the Fund will perform in the future.</font></p><p style="margin: 0; text-align: justify"><font style="font-size: 8pt">As with all mutual funds, past performance (before and
after taxes) is not necessarily an indication of how the Fund will perform in the future.</font></p><p style="margin: 0; text-align: justify"><font style="font-size: 8pt">As with all mutual funds, past performance (before and
after taxes) is not necessarily an indication of how the Fund will perform in the future.</font></p><p style="margin: 0; text-align: justify"><font style="font-size: 8pt">As with all mutual funds, past performance (before and
after taxes) is not necessarily an indication of how the Fund will perform in the future.</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">As with all mutual funds, past performance (before
and after taxes) is not necessarily an indication of how the Fund will perform in the future.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As with all mutual funds, past
performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As with all mutual funds, past
performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</font></p><p style="margin: 0; text-align: justify"><font style="font-size: 8pt">As with all mutual funds, past performance (before and
after taxes) is not necessarily an indication of how the Fund will perform in the future.</font></p><p style="margin: 0; text-align: justify"><font style="font-size: 8pt">As with all mutual funds, past performance (before and
after taxes) is not necessarily an indication of how the Fund will perform in the future.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As with all mutual funds, past
performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</font></p><p style="margin: 0; text-align: justify"><font style="font-size: 8pt">As with all mutual funds, past performance (before and
after taxes) is not necessarily an indication of how the Fund will perform in the future.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">After-tax returns shown in the
table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of
any state or local taxes.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">After-tax returns shown in the
table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of
any state or local taxes.</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">After-tax returns shown in the table are calculated
using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local
taxes.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">After-tax returns shown in the
table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of
any state or local taxes.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">After-tax returns shown in the
table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of
any state or local taxes.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">After-tax returns shown in the
table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of
any state or local taxes.</font></p><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">After-tax returns shown in the table are calculated
using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local
taxes.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">After-tax returns shown in the
table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of
any state or local taxes.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">After-tax returns shown in the
table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of
any state or local taxes.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">After-tax returns shown in the
table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of
any state or local taxes.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">After-tax returns shown in the
table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of
any state or local taxes.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">After-tax returns shown in the
table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of
any state or local taxes.</font></p><p style="margin: 0; text-align: justify"><font style="font-size: 8pt">After-tax returns for Class&#160;A shares shown in the
table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of
any state or local taxes.</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
bar chart does not reflect the impact of the sales charge applicable to Class&#160;A shares which, if reflected, would lower the
returns shown.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #333333">The
bar chart does not reflect the impact of the sales charge applicable to Class&#160;A shares which, if reflected, would lower the
returns shown.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
bar chart does not reflect the impact of the sales charge applicable to Class&#160;A shares which, if reflected, would lower the
returns shown.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
bar chart does not reflect the impact of the sales charge applicable to Class&#160;A shares which, if reflected, would lower the
returns shown.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The bar chart does not reflect
the impact of the sales charge applicable to Class&#160;A shares which, if reflected, would lower the returns shown.</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">Actual
after-tax returns depend on an investor&#146;s tax situation and may differ from those shown. After-tax returns shown are not
relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement
accounts.</p><p style="margin: 0; text-align: justify"><font style="font-size: 8pt">Actual after-tax returns depend on an investor&#146;s
tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares
through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Actual after-tax returns depend
on an investor&#146;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who
hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Actual after-tax returns depend
on an investor&#146;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who
hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Actual after-tax returns depend
on an investor&#146;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who
hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">Actual
after-tax returns depend on an investor&#146;s tax situation and may differ from those shown. After-tax returns shown are not
relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement
accounts.</p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Actual after-tax returns depend
on an investor&#146;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who
hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Actual after-tax returns depend
on an investor&#146;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who
hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">Actual
after-tax returns depend on an investor&#146;s tax situation and may differ from those shown. After-tax returns shown are not
relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement
accounts.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">Actual
after-tax returns depend on an investor&#146;s tax situation and may differ from those shown. After-tax returns shown are not
relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement
accounts.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">Actual
after-tax returns depend on an investor&#146;s tax situation and may differ from those shown. After-tax returns shown are not
relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement
accounts.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">Actual
after-tax returns depend on an investor&#146;s tax situation and may differ from those shown. After-tax returns shown are not
relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement
accounts.</p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">Actual
after-tax returns depend on an investor&#146;s tax situation and may differ from those shown. After-tax returns shown are not
relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement
accounts.</p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees,
expenses or taxes</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees,
expenses or taxes</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees,
expenses or taxes</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees,
expenses or taxes</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees,
expenses or taxes</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees,
expenses or taxes</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees,
expenses or taxes</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees,
expenses or taxes</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees,
expenses or taxes</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees,
expenses or taxes</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees,
expenses or taxes</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees,
expenses or taxes</font></p><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees,
expenses or taxes</font></p>0.00100.00100.00100.0010Mid Cap Value Fund pays an advisory fee at an annual rate of 1.00% of the average daily net assets of $200 million or less, plus 0.75% of the average daily net assets of the Fund in excess of $200 million.The Investment Manager has contractually agreed through February 1, 2014 to waive fees and/or reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees, but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) ("Operating Expenses") of the Fund to the annual percentage of average daily net assets for each class of shares as follows: Class A - 1.30% and Class C - 2.05%. The Fund may have "Total annual fund operating expenses after fee waiver" greater than the expense cap as a result of any acquired fund fees and expenses or other expenses that are excluded from the calculation. The Investment Manager is entitled to reimbursement by the Fund of fees waived during any of the previous 36 months beginning on the date of the expense limitation agreement. The agreement will expire when it reaches its termination or when the investment adviser ceases to serve as such (subject to recoupment rights).The Investment Manager has contractually agreed through February 1, 2014 to waive fees and/or reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees, but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) ("Operating Expenses") of the Fund to the annual percentage of average daily net assets for each class of shares as follows: Class A - 1.35%, Class B - 2.10% and Class C - 2.10%. The Fund may have "Total annual fund operating expenses after fee waiver" greater than the expense cap as a result of any acquired fund fees and expenses or other expenses that are excluded from the calculation. The Investment Manager is entitled to reimbursement by the Fund of fees waived during any of the previous 36 months beginning on the date of the expense limitation agreement. The agreement will expire when it reaches its termination or when the investment adviser ceases to serve as such (subject to recoupment rights).The Investment Manager has contractually agreed through February 1, 2014 to waive fees and/or reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees, but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) ("Operating Expenses") of the Fund to the annual percentage of 1.05% of the average daily net assets for the Fund. The Fund may have "Total annual fund operating expenses after fee waiver" greater than the expense cap as a result of any acquired fund fees and expenses or other expenses that are excluded from the calculation. The Investment Manager is entitled to reimbursement by the Fund of fees waived during any of the previous 36 months beginning on the date of the expense limitation agreement. The agreement will expire when it reaches its termination or when the investment adviser ceases to serve as such (subject to recoupment rights).The Investment Manager has contractually agreed through February 1, 2014 to waive fees and/or reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees, but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) ("Operating Expenses") of the Fund to the annual percentage of 1.10% of the average daily net assets for the Fund. The Fund may have "Total annual fund operating expenses after fee waiver" greater than the expense cap as a result of any acquired fund fees and expenses or other expenses that are excluded from the calculation. The Investment Manager is entitled to reimbursement by the Fund of fees waived during any of the previous 36 months beginning on the date of the expense limitation agreement. The agreement will expire when it reaches its termination or when the investment adviser ceases to serve as such (subject to recoupment rights).The Investment Manager has contractually agreed through February 1, 2014 to waive fees and/or reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees, but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) ("Operating Expenses") of the Fund to the annual percentage of average daily net assets for each class of shares as follows: Class A - 2.11%, Class B - 2.86%, Class C - 2.86% and Institutional Class - 1.86%. The Fund may have "Total annual fund operating expenses after fee waiver" greater than the expense cap as a result of any acquired fund fees and expenses or other expenses that are excluded from the calculation. The Investment Manager is entitled to reimbursement by the Fund of fees waived during any of the previous 36 months beginning on the date of the expense limitation agreement. The agreement will expire when it reaches its termination or when the investment adviser ceases to serve as such (subject to recoupment rights).The inception date for the Institutional Class is 11/7/2008.The Investment Manager has contractually agreed through February 1, 2014 to waive fees and/or reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees, but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) ("Operating Expenses") of the Fund to the annual percentage of average daily net assets for each class of shares as follows: Class A - 1.61%, Class B - 2.36% and Class C - 2.36%. The Fund may have "Total annual fund operating expenses after fee waiver" greater than the expense cap as a result of any acquired fund fees and expenses or other expenses that are excluded from the calculation. The Investment Manager is entitled to reimbursement by the Fund of fees waived during any of the previous 36 months beginning on the date of the expense limitation agreement. The agreement will expire when it reaches its termination or when the investment adviser ceases to serve as such (subject to recoupment rights).The Investment Manager has contractually agreed through February 1, 2014 to waive fees and/or reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees, but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) ("Operating Expenses") of the Fund to the annual percentage of 1.36% of the average daily net assets for the Fund. The Fund may have "Total annual fund operating expenses after fee waiver" greater than the expense cap as a result of any acquired fund fees and expenses or other expenses that are excluded from the calculation. The Investment Manager is entitled to reimbursement by the Fund of fees waived during any of the previous 36 months beginning on the date of the expense limitation agreement. The agreement will expire when it reaches its termination or when the investment adviser ceases to serve as such (subject to recoupment rights).Closed to new subscriptionsThe MSCI EAFE Equal Weighted Index inception date is January 22, 2008 and therefore index performance for certain time periods is not available.EX-101.SCH
4
sef-20130201.xsd
TAXONOMY SCHEMA
0004 - Document - Document And Entity Information {Elements}link:presentationLinklink:calculationLinklink:definitionLink0005 - Document - Risk Return Summary - Large Cap Core Fund {Unlabeled}link:presentationLinklink:calculationLinklink:definitionLink0006 - Document - Risk Return Summary - Mid Cap Value {Unlabeled}link:presentationLinklink:calculationLinklink:definitionLink0007 - Document - Risk Return Summary - Small Cap Growth {Unlabeled}link:presentationLinklink:calculationLinklink:definitionLink0008 - Document - Risk Return Summary - Small Cap Value {Unlabeled}link:presentationLinklink:calculationLinklink:definitionLink0009 - Document - Risk Return Summary - Large Cap Concentrated Growth Fund {Unlabeled}link:presentationLinklink:calculationLinklink:definitionLink0010 - Document - Risk Return Summary - Large Cap Core Institutional Fund {Unlabeled}link:presentationLinklink:calculationLinklink:definitionLink0011 - Document - Risk Return Summary - Mid Cap Value Institutional {Unlabeled}link:presentationLinklink:calculationLinklink:definitionLink0012 - Document - Risk Return Summary - Small Cap Growth Institutional Fund {Unlabeled}link:presentationLinklink:calculationLinklink:definitionLink0013 - Document - Risk Return Summary - Small Cap Value Institutional Fund {Unlabeled}link:presentationLinklink:calculationLinklink:definitionLink0014 - Document - Risk Return Summary - Large Cap Concentrated Growth Institutional Fund {Unlabeled}link:presentationLinklink:calculationLinklink:definitionLink0015 - Document - Risk Return Summary - Alpha Opportunity {Unlabeled}link:presentationLinklink:calculationLinklink:definitionLink0016 - Document - Risk Return Summary - MSCI EAFE Equal Weight {Unlabeled}link:presentationLinklink:calculationLinklink:definitionLink0017 - Document - Risk Return Summary - MSCI EAFE Equal Weight Institutional Fund {Unlabeled}link:presentationLinklink:calculationLinklink:definitionLinkEX-101.CAL
5
sef-20130201_cal.xml
TAXONOMY CALCULATIONS
EX-101.DEF
6
sef-20130201_def.xml
TAXONOMY DEFINITIONS